Bangladesh Bank purchases $47m more from four banks

Dhaka, Bangladesh (BBN)– The central bank of Bangladesh purchased US$47 million more from four commercial banks on Wednesday to help keep the inter-bank foreign exchange (forex) market stable, officials said.
The banks are Ismali Bank Bangladesh Limited (IBBL), Janata Bank Limited, IFIC Bank Limited and Public Bank Limited.
The central bank has bought the US currency directly from the banks at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka against the US dollar stable, a senior official of the Bangladesh Bank (BB) explained.
He also said the BB may continue such intervention in line with market requirement.
A total of $1.87 billion was bought from the commercial banks between July 2 and February 25 of the current fiscal year (FY) 2014-15 for offsetting its increased supply to the market.
The country’s foreign exchange reserve rose to $22.90 billion on Wednesday from $22.86 billion of the previous day following the US dollar purchase.

BBN/SSR/AD-26Feb15-9:29 am (BST)

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