Dhaka, Bangladesh (BBN) – Bangladesh’s foreign exchange reserve stood at US$5.84 billion on Wednesday marginally up from $5.74 million of the previous day following increased inflow of foreign currency in the market.
“The position of country’s foreign exchange reserve has improved gradually following increased inflow of foreign exchange in the market,” a senior official of the Bangladesh Bank (BB), the country’s central bank told BBN in Dhaka.
The flow of foreign exchange recorded a rise from Monday after a fund worth US$350 million was remitted by a Japanese cell phone operator for making payment of 30 per cent stake in the TM International Bhd (TMIB), known as AKTEL.
Besides, the flow of remittances from Bangladeshi nationals working abroad has increased ahead of the Eid-ul-Fitr festival that also pushed up the supply of greenback in the inter-bank foreign exchange market.
The central bank bought US$15 million from two commercial banks at a rate of Tk 68.50 on the day aiming to keep the country’s foreign exchange market stable, officials said.
Two commercial banks were compelled to sell foreign exchange on the day to maintain their ‘net open position (NOP)’ within the required limit, they added.
The US dollar was quoted at BDT68.50-BDT68.52 in the inter-bank foreign exchange market on the day against BDT 68.51- BDT 68.52 of the previous working day, market operators said.
On Monday last, the BB purchased $139 million from a foreign commercial bank that has received the Japanese cell phone company’s fund.
The central bank has continued its intervention in the inter-bank foreign exchange market by selling and buying US dollar directly and providing such short term facilities to the banks aiming to keep the market stable.
BBN/SI/SS/AD-25September08-1:20 AM (BST)