Dhaka, Bangladesh (BBN) - The central bank of Bangladesh on Wednesday purchased $56 million more from seven commercial banks to keep the inter-bank foreign exchange market stable, officials said.
"The central bank has bought the US dollar from the banks at market rate to keep the exchange rate of the local currency stable against the greenback," a senior official of the Bangladesh Bank (BB), the country’s central bank told BBN in Dhaka.
The US dollar was quoted at BDT 81.81 – BDT 81.83 in the inter-bank foreign exchange market on the day against BDT 81.83 – BDT 81.87 of the previous working day, market operators said.
The central banker also said the BB may intervene further in the inter-bank foreign exchange market through buying of the US currency directly from the banks to keep the market stable.
On Tuesday last, the BB similarly purchased $45 million from three commercial banks on the same ground, the BB officials added.
The country’s foreign exchange reserve rose to $10.21 million on Wednesday from $10.12 billion of the previous day, following the purchase of the US dollar for the banks.
A total of $126 million was bought from different banks so far the current fiscal year (FY) 2011-12, as part of the market intervention. The central bank pumped $ 781 million directly to the commercial banks to meet higher demand for the greenback in the fiscal, the BB data showed.
BBN/SSR/AD-27June12-8:20 pm (BST)
