Bangladesh Bank purchases $37m more from four banks

Dhaka, Bangladesh (BBN)– Bangladesh Bank (BB) purchased US$37 million more from four commercial banks on Monday 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 local currency against the US dollar stable,” a BB senior  official told BBN in Dhaka.

The US dollar was quoted at BDT 77.80 in the inter-bank forex market unchanged from the previous level, market operators said.
 
The BB official also said the central bank may continue such intervention in line with the market requirement.
 
A total of $1.91 billion was bought from the commercial banks between July 2 and March 2 of the current fiscal year (FY) 2014-15 for offsetting its increased supply to the market.
 
The country’s foreign exchange reserve stood at $23.03 billion on Monday following the US dollar purchase.

BBN/SSR/AD-02Mar15-10:04 pm (BST)

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