Dhaka, Bangladesh (BBN) – The central bank of Bangladesh continues to purchase the US dollar from the commercial banks directly aiming to keep the inter-bank foreign exchange market stable, officials said Tuesday.

“We’ve strengthened our intervention in the foreign exchange (forex) market recently to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.

He also said the central bank has purchased the US dollar continuously from the banks to offset higher inflow of foreign exchange in the market.

As part of the move, the BB bought US$40 million from four private commercial banks on the day on the same ground.
A total of $3.35 billion was bought from the commercial banks between July 1 and March 4 of the current fiscal (FY) 2013-14 as part of the BB’s intervention in the market.

He also said the central bank may continue purchasing the US dollar in the near future on the basis of market requirement.

However, the country’s foreign exchange reserve stood at $19.23 billion on Thursday following the US dollar purchase.

BBN/SSR/AD-04Mar14-10:37 pm (BST)