Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has so far purchased nearly US$3.0 billion from the banks in the current fiscal year (FY 2012-13) to keep the inter-bank foreign exchange (forex) market stable, officials said.
“The central bank has bought the US currency from the banks directly 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, adding that such intervention would continue in line with the market requirements.
A total of $2.806 billion has been bought from the commercial banks, so far, in the FY’13 as part of the central bank’s intervention in the market, the BB official said. “It may reach $3.0 billion by the end of this month.”
As part of the move, the BB bought $32 million on Thursday from four private commercial banks at market rate.
The US dollar was quoted at BDT 79.02-BDT 79.05 in the inter-bank forex on the day against BDT 79.07 – BDT 79.11 on the previous day, market operators said.
The country’s reserve reached $13.30 billion on the day from $13.254 billion on the previous day, following the US dollars’ purchase.
“The forex reserve may cross the $13.50 billion mark again by the end of this month, following lower import payment pressure, higher growth of inward remittance and steady growth of export earnings,” another BB official said.
BBN/SSR/AD-08Feb13-8:32 pm (BST)