BB continues forex support to commercial banks
Friday, 4 November 2011
FE Report
The central bank has continued its foreign exchange support through selling the US dollar directly to the commercial banks for settlement of import bills. As part of the operation, the Bangladesh Bank (BB) sold US$10 million at market rate to a state-owned commercial bank directly Thursday to meet its growing demand for the greenback. "We're providing the foreign currency support to the commercial banks to settle their outstanding letters of credit (LCs) against imports of essential items including foodgrains, fuel oils, fertiliser and rental power plant equipment," a senior official of BB told the FE. Such operation will continue in line with the market requirement, he added. The central bank has so far pumped in $256 million directly to the commercial banks to meet their increasing demand for the greenback in the current fiscal year, the BB data showed. The US dollar gained slightly against the local currency in the inter-bank foreign exchange market on the day due manly to higher demand for the greenback for settlement of import payment bills.
The central bank has continued its foreign exchange support through selling the US dollar directly to the commercial banks for settlement of import bills. As part of the operation, the Bangladesh Bank (BB) sold US$10 million at market rate to a state-owned commercial bank directly Thursday to meet its growing demand for the greenback. "We're providing the foreign currency support to the commercial banks to settle their outstanding letters of credit (LCs) against imports of essential items including foodgrains, fuel oils, fertiliser and rental power plant equipment," a senior official of BB told the FE. Such operation will continue in line with the market requirement, he added. The central bank has so far pumped in $256 million directly to the commercial banks to meet their increasing demand for the greenback in the current fiscal year, the BB data showed. The US dollar gained slightly against the local currency in the inter-bank foreign exchange market on the day due manly to higher demand for the greenback for settlement of import payment bills.