BB buys $104m to steady dollar, total purchase reaches $1.98b since July
As a result of these dollar purchases through auctions, the country’s foreign exchange reserves have increased to $26.62 billion
The Bangladesh Bank has purchased $104 million from commercial banks through an auction on Monday (6 October) in a bid to keep the dollar exchange rate stable.
The central bank bought the dollars from eight banks at a rate of Tk121.80 per dollar through the auction, Bangladesh Bank's spokesperson and Executive Director Arif Hossain Khan confirmed the information to the media.
Since July this year, the Bangladesh Bank has purchased a total of $1.98 billion.
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As a result of these dollar purchases through auctions, the country's foreign exchange reserves have increased to $26.62 billion.
Bankers and economists believe that maintaining a certain level of stability in the dollar rate is essential.
For this reason, the Bangladesh Bank is purchasing dollars from commercial banks through auctions. Without these purchases, the value of the foreign currency could have fallen.
They added that just as an increase in the dollar rate is not good for the economy, a decrease is also undesirable.
At present, remittance senders and exporters are benefiting from Bangladesh Bank's dollar purchases from commercial banks through auctions.
The central bank is conducting these auctions to keep the flow of these two indicators positive.
In addition, by purchasing dollars, the Bangladesh Bank is also boosting its foreign exchange reserves.
