Dhaka, Bangladesh (BBN)– The central bank of Bangladesh purchased US$100 million more from six banks on Thursday to keep the inter-bank foreign exchange (forex) market stable, officials said.
“We’re buying the US currency continuously from the banks directly at market rate 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.
On Tuesday last, the central bank also purchased $40 million from three banks on the same ground.
Such purchase may continue in the near future in line with the market requirements, the central banker hinted.
The US dollar was quoted at BDT 78.40 in the inter-bank forex market on the day which remained unchanged from the previous level, market operators said.
A total of $696 million was bought from the commercial banks between July 11 and August 18 of the current fiscal year (FY) 2016-17 for offsetting the impact of its increased supply to the market, the BB data showed.
The country’s forex reserves reached $30.73billion on Thursday from $30.60 billion on the previous day following the purchase of US dollar.
The central bank of Bangladesh 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.