Dhaka, Bangladesh (BBN)– The central bank has continued purchasing US dollar from the commercial banks directly to help keep the inter-bank foreign exchange (forex) market stable, officials said.
As part of the move, the Bangladesh Bank (BB) bought US$ 10 million from Pubali Bank Limited on the day at the market rate.
The US dollar was quoted at BDT 77.80 in the inter-bank forex market, unchanged at the previous level, market operators said.
“We’re purchasing the greenback from the banks directly to protect the interests of exporters and migrant workers by keeping the exchange rate of Bangladesh Taka (BDT) against the US dollar stable,” a BB senior official told BBN in Dhaka.
He also said the central bank may continue such intervention in line with the market requirement.
A total of $1.50 billion was bought from the commercial banks between July 2 and January 22 of the fiscal year (FY) 2014-15 for offsetting its increased supply in the market.
The country’s foreign exchange reserve rose to $ 21.90 billion on Thursday from $ 21.87 billion of the previous day following the US dollar purchase, the BB data showed.
BBN/SSR/AD-23Jan15-9:44 am (BST)