Dhaka, Bangladesh (BBN) – The central bank of Bangladesh purchased US$100 million more from six commercial banks on Thursday, the last working day ahead of the Eid to help keep the forex market stable.
“We’ve expedited purchase of the US dollar from the banks to protect the interests of exporters and migrant workers by keeping the exchange rate of local currency against the greenback stable ahead of the Eid,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
On Wednesday, the central bank similarly purchased $75 million from seven banks on the same ground.
The central banker also said such purchase of the US dollar also helps the banks to comply with the net open position (NOP) rules for holding foreign exchange properly.
“We may continue purchasing the greenback from the banks in line with the market requirement,” he hinted.
A total of nearly $1.27 billion were bought from the commercial banks between July 11 and September 08 of the current fiscal year (FY), 2016-17, for offsetting the impact of its increased supply to the market.
The BB bought $4.13 billion from the commercial banks in the last FY. It bought $3.76 billion and $5.15 billion in FY 15 and FY 14 respectively.