Dhaka, Bangladesh (BBN)– The central bank of Bangladesh purchased US$ 84 million more from seven commercial banks on Thursday aiming to help keep the inter-bank foreign exchange (forex) market stable.
“We’re purchasing the US dollars from the banks at market rate to protect the interest of the exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official at the Bangladesh Bank (BB) 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 central banker also said the BB may continue purchasing the US dollar from the banks in line with the market requirement.
A total of $3.72 billion was bought from the commercial banks between July 2 and June 25 of the outgoing fiscal year (FY) 2014-15 as part of the BB’s intervention in the market.
The central bank purchased a record $5.15 billion from the banks in the FY 14 on the same ground, the BB data showed.
Bangladesh’s foreign exchange reserve rose to $25.02 billion on Thursday from $24.77 billion of the previous day following the US dollar purchase.