Bangladesh Bank buys $25m from commercial banks
The dollars were purchased at a rate of Tk122.75 per dollar.
The Bangladesh Bank today (4 June) purchased $25 million from two commercial banks through an auction, continuing its efforts to absorb excess foreign currency liquidity and strengthen the country's foreign exchange reserves.
With the latest purchase, the central bank has bought a total of $6.42 billion from commercial banks during the current fiscal year.
The dollars were purchased at a rate of Tk122.75 per dollar.
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Confirming the development, the central bank spokesperson and Executive Director Arief Hossain Khan said the central bank has so far purchased $101 million through auctions in June.
Bangladesh Bank has been regularly buying dollars from commercial banks amid strong remittance inflows, which have increased the supply of foreign currency in the banking system.
The central bank's dollar purchases are aimed at boosting the country's foreign exchange reserves.
According to the central bank data, expatriates sent a record $3.42 billion in remittances in May, while the country's foreign exchange reserves currently stand above $30 billion.
