Call money rate remains stable

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FE Report
The inter-bank call money rate remained stable Thursday, before money market closed for the Eid-ul-Fitr holiday, despite heavy withdrawal of cash from the banking system.
"The call rate is still stable mainly due to excess liquidity in the market," a senior treasury official of a private commercial bank told the FE Thursday.
He also said few deals were made at 12 per cent in the early hours on the day by some banks squaring up fund positions to avoid any financial risks.
Besides, the call rate remained almost unchanged on the day despite withdrawal of fund by the central bank from the market, using its reverse repurchase agreement (repo) tool.
The Bangladesh Bank (BB) withdrew Tk 2.97 billion at 6.50 per cent from the market on the day through the reverse repo auction, according to the central bank statistics.
The call rate ranged between 6.50 per cent and 12.00 per cent on the day against 6.50 per cent and 10.00 of the previous working day. However, most of the deals were settled between 6.50 per cent and 7.50 per cent, sources in the market said.
Most of the banks, located at Motijheel, Dilkusha and other commercial places in the city, witnessed long queues of people, who were waiting to withdraw money before the Eid festival.