The central bank purchased US$11 million directly from the commercial banks Monday to help keep the country's inter-bank foreign exchange (forex) market stable, officials said.
"We've bought the US currency from two banks at market rate aiming to keep the exchange rate of the local currency against US dollar stable," a senior official of the Bangladesh Bank (BB) told the FE.
The US dollar was quoted at Tk 77.80 in the inter-bank forex market on the day unchanged from the previous level, according to the central bank statistics.
"The supply side of the foreign currency has improved recently due to higher inflow of remittance along with rising trend of export earnings," the central banker explained.
He also said the central bank may continue such intervention in line with the market requirement to protect the interests of exporters and migrant workers.
Talking to the FE, a senior treasury official of a commercial bank said the political turmoil has adversely impacted on import payments leading to lower demand for the greenback in the market.
Earlier on January 12 last, the central bank resumed purchasing the US dollar from the banks after around three months because of lower demand for the greenback in the market.
A total of around $1.51 billion was bought from the commercial banks between July 2 and January 26 of the fiscal year (FY) 2014-15 for offsetting its increased supply to the market.
The country received $974.99 million as remittance between January 1 and January 23 from Bangladesh nationals working abroad, the BB data showed.
"We expect that the flow of inward remittance may cross $1.30 billion by the end of this month," another BB official noted.
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BB buys $ 11m from 2 commercial banks
FE Report | Published: January 27, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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