Dhaka, Bangladesh (BBN)- The inter-bank call money rate maintained an upward trend Thursday, the last working day before the Eid festival, despite injection of fresh funds by the central bank.
The call rate ranged between 6.00 percent and 11.00 percent on the day against the previous range between 4.50 per cent and 10.00 per cent. However, most of the deals were settled at rates varying between 7.00 percent and 8.00 percent, the market operators said.
“The call rate increased on the day following heavy cash withdrawal pressures on the banking system before the five-day long Eid vacation,” a senior treasury official of a private commercial bank said, adding that the call rate may ease after Eid-ul-Fitr.
The Bangladesh Bank (BB) injected fresh fund amounting to US34.20 million (BDT 2.36 billion) through repurchase agreement (repo) auction at 8.50 percent aiming to keep the inter-bank money market stable on the day..
Most of the banks located at Motijheel, Dilkusha and other commercial places of the capital witnessed long queues of people waiting mostly to withdraw money before the Eid festival.
Some banks provided payment services to their clients even after working hours to meet the demands of cash before the Eid vacation, bank officials added.
BBN/SS/SI/AD-17September09-9:23 pm (BST)
