Dhaka, Bangladesh (BBN) – The central bank purchased US$10 million more from a commercial bank on Wednesday to help keep the inter-bank foreign exchange (forex) market stable, officials said,
“We’ve bought the US currency from the bank directly at market rate to protect the protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The US dollar was quoted at Tk 77.80 in the inter-bank forex market unchanged from the previous level, market operators said.
A total of around $1.79 billion was bought from the commercial banks between July 2 and February 18 of the current fiscal year (FY) 2014-15 for offsetting its increased supply to the market.
“The central bank may continue such intervention in line with the market requirement,” the central banker said without elaborating.
The country’s foreign exchange reserve rose to $22.62 billion on Wednesday from $22.53 billion of the previous day following the US dollar purchase.
BBN/SSR/AD-19Feb15-11:39 am (BST)