Call money rate stable after BB injects fresh fund

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FE Report
The inter-bank call money rate was stable Sunday despite the pressure of withdrawal of cash from the banks ahead of the Eid-ul-Azha festival, treasury officials said.
The call rate ranged between 12.00 per cent and 20.00 per cent on the day against the previous range between 9.50 per cent and 22.00 per cent Thursday last. However, most of the deals were settled at rates varying between 15.00 per cent and 16.00 per cent, the market operators confirmed.
"The call money rate was stable on the day following injection of fresh funds into the market by the central bank to keep it stable," a senior treasury official of a private commercial bank told the FE.
The central bank has continued providing liquidity support to the banks and non-banking financial institutions (NBFIs) to ease the demand for cash in the market ahead of the Eid festival.
Under the operation, Bangladesh Bank (BB) pumped fresh funds worth Tk 48.1344 billion at 5.50 per cent on the day through auction of repurchase agreement (repo) and special liquidity support to the primary dealers (PDs).
The central bank of Bangladesh earlier selected 15 PDs -- 12 banks and three NBFIs -- to handle government securities in the secondary market.
On Thursday, the central bank injected funds worth Tk 34.94 billion using same mechanisms, the BB officials confirmed.
On the other hand, the US dollar remained almost unchanged against the local currency in the inter-bank foreign exchange market due mainly to a low demand for the greenback.
The US dollar was quoted at Tk 70.3500 in the inter-bank foreign exchange market Sunday against Tk 70.3000-Tk 70.3500 of the previous working day, the BB data showed.