Dhaka, Bangladesh (BBN) - The central bank of Bangladesh purchased more than US$1.0 billion from the commercial banks directly in the first 72 days of the current fiscal year (FY) 2014-15 to keep the inter-bank foreign exchange (forex) market stable.
As part of the move, the BB bought US$20 million from a commercial bank on Thursday at market rate.
The US dollar was quoted at BDT 77.40 in the inter-bank forex market on the day unchanged from the previous level, market operators said.
On Wednesday last, the central bank similarly purchased $45 million from two private commercial banks on the same ground.
A total of $1.045 billion was bought from the commercial banks between July 2 and September 11 last of the FY 15 as part of the BB's intervention in the market, according to the central bank statistics.
“The central bank is purchasing the greenback from the banks continuously to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The country’s forex reserve reached $21.48 billion Thursday from $21.45 billion of the previous day, following the purchase of last chunks of greenback, according to the BB official.
“We may continue purchasing the US currency from the banks in the near future on the basis of market requirement,” the BB official said without elaborating.
The central bank purchased a record amount of $5.15 billion from the commercial banks in the FY 14. The amount was the highest in the last 10 years followed by $4.54 billion in FY 13, the BB data showed.
BBN/SSR/AD-14SEpt14-11:41 am (BST)