Dhaka, Bangladesh (BBN)- The central bank has resumed its foreign exchange support through selling the US dollar to the commercial banks after more than two weeks interval aiming to keep the market stable, officials said.
As part of the move, the Bangladesh Bank (BB) sold US$15 million at market rate to a state-owned commercial bank (SoCB) directly on Wednesday to meet the growing demand for the greenback.
“We’ve sold the US dollar to the bank for settling their import payment obligation for petroleum products,” a BB senior official told the BBN in Dhaka.
He also said the central bank may continue such support to the banks in line with the market requirement.
Lastly, the BB sold $20 million to the banks on the same ground on June 03 before the Eid vacation.
However, the central bank did not sale the US dollar to any banks in the last week that indicates the inflow of the US currency was increased slightly in the market.
A total of $2.32 billion was sold since July 01 of this fiscal year (FY), 2018-19, to the commercial banks as part of BB’s ongoing support, according to latest official figures.
The central bank of Bangladesh is providing such support to the banks for making import payments, particularly for fuel-oils, fertilisers, LNG (liquefied natural gas), and capital machinery for power plants.