BB buys $37m to keep forex market stable

The central bank purchased US $ 37 million (3.7 crore) more from four commercial banks on Monday to help keep the inter-bank foreign exchange (forex) market stable, officials said,

The Bangladesh Bank (BB) was purchasing the greenback from the banks directly at the market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable, a central banker said.

The US dollar was quoted at Tk 77.80 in the inter-bank forex market unchanged at the previous level, market operators said.

The BB official also said the central bank might continue such intervention in line with the market requirement.

"The demand side of the foreign currency has been weak due to lower import payment pressure amid the ongoing political unrest," the central banker explained.

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