Dhaka, Bangladesh (BBN)- The central bank of Bangladesh purchased more than US$1.30 billion from the commercial banks directly in the first three months of the current fiscal year (FY) 2014-15 to keep the inter-bank foreign exchange (forex) market stable.
“We’re 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.
As part of the move, the BB bought US$75 million from two commercial banks on October 2, the last working day before the Eid festival at market rate.
A total of $1.305 billion was bought from the commercial banks between July 2 and October 2 last of the FY 15 as part of the BB's intervention in the market.
The country’s forex reserve reached $22.02 billion Thursday from $21.96 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,” another 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-10Oct14-5:00 pm (BST)