BB buys $2.25b from banks so far this FY

The central bank is continuing purchasing the US dollar from the banks to help keep the inter-bank foreign exchange (forex) market stable, and the amount has crossed US$2.25 billion so far this fiscal year (FY), 2015-16, officials said.
Under the move, the Bangladesh Bank (BB) bought $15 million from a leading private commercial bank at market rate on Thursday, they added.
The US dollar was quoted at Tk 78.50 in the inter-bank forex market on the day, unchanged from the previous level, according to the market operators.
"We're buying the US dollar from the banks directly in line with the market requirement," a BB senior official told the FE.
The central bank may continue purchasing the US dollar from the banks in the near future also to keep the inter-bank forex market stable, the central banker hinted.
BB resumed buying the US dollar from the banks on December 10 after an interval of nearly two months to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable, he explained.
Talking to the FE, another BB official said supply situation of the foreign currency has improved recently due to lower import payment obligations following falling trend in commodity prices, including those of petroleum products, in the global market.
"Higher growth in export earnings and steady inflow of remittances have also contributed to improving the supply situation recently."
He also said Bangladesh saved $300 million each month on an average following the declining trend in petroleum prices in the international market.
As part of the central bank's intervention in the market, a total of $2.28 billion has been bought from the commercial banks between July 2 and January 21 of FY 16.
The country's forex reserve rose to $27.05 billion on Thursday from $26.89 billion of the previous day, following the US dollar purchase.
The central bank bought $3.76 billion from the commercial banks in last FY. It bought $5.15 billion and $4.54 billion in FY 14 and FY 13 respectively.
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