Dhaka, Bangladesh (BBN)– The central bank of Bangladesh bought US$10 million more from two banks on Monday to keep the inter-bank foreign exchange (forex) market stable, officials said.
“We’re purchasing 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.
He also said such purchase may continue during the current fiscal year in line with the market requirements.
The BB’s latest purchase of the US currency came after three days of enhancing the net open position (NOP) limit for the commercial banks.
Earlier on July 28, the central bank of Bangladesh raised substantially the NOP limit for the banks to keep the foreign exchange (FX) market stable. (Bangladesh raises NOP for banks to keep FX market stable).
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 $374 million was bought from the commercial banks between July 11 and August 01 of the current fiscal year for offsetting its increased supply to the market, the BB data showed.
The country’s forex reserves reached $30.09 billion on Monday from $ 30.04 billion on the previous day following the purchase of US dollar.