The central bank has expedited purchase of the US dollar from the banks recently to help keep the inter-bank foreign exchange (forex) market stable, officials said.
As part of the move, the Bangladesh Bank (BB) bought US$20 million directly from two commercial banks Tuesday to protect the interests of both exporters and migrant workers by keeping the exchange rate of Bangladesh Taka (BDT) against the greenback stable.
On Monday last, the central bank similarly purchased $55million from four commercial banks on the same ground.
"The inflow of foreign currency has increased recently to higher inflow of remittance along with steady growth of export earnings," a BB senior told the FE while explaining the latest market situation.
Bangladesh received $ 334.72 million as remittances between May 1 and May 8 from Bangladeshi nationals who are working abroad, according to the central bank's latest statistics.
The remittances from Bangladeshi nationals working abroad were estimated at US$1.29 billion in April 2015, less by $ 44.58 million from the level of the previous month. In March last the remittances stood at $1.34 billion. It was $1.23 billion in April, 2014.
The central banker also said the BB may continue purchasing the greenback from the banks in lime with the market requirement.
A total of $2.99 billion was bought from the commercial banks between July 2 and May 12 last of the current fiscal year (FY) 2014-15 as part of the BB's intervention in the market.
The country's foreign exchange reserve rose to $23.35 billion Tuesday from $23.28 billion of the previous day following the US dollar purchase.
Taking to the FE, a senior official of a commercial bank said the exchange rate of the BDT against the US dollar remained stable due to weak demand for the greenback in the market.
The US dollar has been quoted at Tk 77.80 in the inter-bank forex market recently.
"The existing trend of inter-bank forex market may continue till the end of this month," the treasury official noted.
siddique.islam@gmail.com
