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BB buys $60 million to maintain exchange rate stability
Bangladesh Bank (BB) purchased an additional US$60 million from commercial banks on Monday as part of its ongoing efforts to strengthen the country's foreign exchange reserves.
The dollars were acquired through an auction at a rate of Tk 122.75 per dollar.
With this latest purchase, the country’s gross foreign exchange reserves have risen to $30.36 billion, according to the latest data from the central bank.
This move follows a similar trend from last week, where the central bank bought a total of $120 million over two days at the same exchange rate. Officials state that these consistent dollar purchases serve a dual purpose: increasing the national buffer of foreign currency and injecting money into the banking system to improve liquidity flow.
Financial analysts suggest that the central bank is strategically purchasing greenbacks from the market to maintain stability in the foreign exchange market while ensuring that commercial banks have enough local currency to meet domestic demand, reports UNB.