Dollar stable for a year

The US dollar remained stable against the Bangladesh taka for last one year in the floating exchange rate regime.
The US currency was traded at Tk 77.75 in the interbank money market Monday against Tk 77.93 late March last year, remaining stable in between.
The exchanged rate has been stable for such a long time for the first time since the floating rate of interest was introduced in 2003.
Bankers and economists said the exchange rate had such a long stable run because the central bank kept buying the greenback to maintain the ‘positive’ inflow of remittance and export earnings.
Economists, however, term the central bank’s dollar buying ‘a sort of intervention’ in the rate.
According to Bangladesh Bank data, it purchased $3.2 billion from the market in the first seven and a half months of the current financial year (FY) beginning on July 1. During the previous FY, the central bank had bought $4.8 billion.
Economist and former advisor to the caretaker government AB Mirza Azizul Islam considers keeping the exchange rate stable through purchase of the US bills ‘positive’, according to a news agency.