Written by The Banking Post
Bangladesh Bank purchased US$265 million from 17 banks on Tuesday in the interbank spot market, stepping up its intervention to stabilise the exchange rate of the dollar against the taka.
The dollars were bought under the multiple price auction method at a cutoff rate of Tk 121.75 per dollar, officials said. Since July 13, the central bank has purchased $1.39 billion under the prevailing free-floating exchange rate system.
“Our intervention in the forex market will continue until the exchange rate reaches a desired level,” a senior official said, adding that the move is also helping improve reserves.
With Tuesday’s purchase, the country’s gross foreign exchange reserves rose to $30.66 billion, up from $30.31 billion two days earlier, based on traditional calculation. However, under the IMF’s BPM6 standard, reserves stood at $25.75 billion, down from $26.40 billion.
