Written by The Banking Post
Bangladesh Bank purchased an additional US$81 million from 10 banks in the interbank spot market on Monday to stabilise the exchange rate of the US dollar against the taka. The auction, conducted under the Multiple Price Auction method, set a cut-off rate of Tk 122.30 per dollar.
The move comes amid a surge in inward remittances, which jumped more than 81 per cent to US$1.34 billion between January 1–11, compared with US$737 million during the same period last year.
“We are purchasing US dollars directly from banks to offset the higher inflow of remittances ahead of the upcoming national polls and the holy month of Ramadan,” a senior central banker said, noting that such interventions help maintain a stable exchange rate and encourage both exporters and remitters.
Since July 13 last year, the central bank has purchased a total of US$3.83 billion from banks under the free-floating exchange rate regime. The latest intervention also supports a gradual strengthening of the country’s foreign exchange reserves, which rose to US$32.55 billion on Monday from US$32.44 billion on January 8, based on the central bank’s traditional calculation.
Market participants said the recent increase in dollar inflows reflects lower import payment obligations alongside the stronger remittance flow, helping maintain stability in the forex market.
