Dhaka, Bangladesh (BBN)- The central bank purchased US$35 million more from two commercial banks on Thursday to help keep the inter-bank foreign exchange (forex) market stable, officials said.
“We’re purchasing the greenback 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.
The US dollar was quoted at Tk 77.80 in the inter-bank forex market unchanged from the previous level, market operators said.
The central banker also said the BB may continue such intervention in line with the market requirement.
“The demand side of the foreign currency has weak due to lower import payment pressure following the ongoing political unrest,” he explained.
A total of $2.38 billion was bought from the commercial banks between July 2 and March 19 of the current fiscal year (FY) 2014-15 for offsetting its increased supply to the market.
The country's foreign exchange reserve rose to US$22.62 billion on Thursday from $22.48 billion of the previous working day following the US dollar purchase.
BBN/SSR/AD-20Mar15-7:01 pm (BST)