Bangladesh Bank buys another $60m to stabilise exchange rate
The central bank bought the dollars today (21 December) at a rate of Tk122.30 per dollar.
Bangladesh Bank has once again purchased $60 million from commercial banks through auctions as part of its ongoing efforts to stabilise the foreign exchange market.
The central bank bought the dollars today (21 December) at a rate of Tk122.30 per dollar.
With this latest purchase, Bangladesh Bank's total dollar acquisitions in the current fiscal year have reached $2.93 billion, while purchases in December alone stand at $805 million.
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Bangladesh Bank began buying dollars through auctions in July this year as part of its market intervention strategy. The move aims to maintain balance in the foreign exchange market, allowing the dollar price to ease when supply is high and demand is low, and to rise when demand increases.
Bankers say several factors have contributed to the recent easing of dollar demand.
They noted that pressure from large government payments has declined, reducing demand for foreign currency. At the same time, imports of capital machinery have slowed amid weaker business activity, trade and investment.
Private sector credit growth fell to a record low of 6.23% at the end of October, indicating subdued import activity despite adequate dollar availability.
Meanwhile, remittance inflows have shown a positive trend. In the first 17 days of December, expatriate Bangladeshis sent over $2 billion, further boosting dollar supply through formal banking channels.
