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The central bank purchased over US$2.50 billion from banks in nearly last five months aiming to encourage both exporters and remitters through keeping the dollar-taka rate stable.
As part of the ongoing intervention, the Bangladesh Bank (BB) bought $202 million more through auction from 13 commercial banks on the interbank spot market on Tuesday on the same ground.
The latest amount was bought under the Multiple Price Auction method and the cutoff rate was Tk 122.29 per dollar, according to officials. Earlier on December 04, the central bank of Bangladesh purchased $132 million from 5 banks in a similar auction.
The country's banking regulator has so far bought $2.51 billion from banks directly since July 13 last under the prevailing free-floating exchange rate arrangement.
The central bank is purchasing US dollars from banks to help stabilise the exchange rate, which in turn supports export earnings and the flow of inward remittances, officials explained.
"Such intervention in the foreign exchange (forex) market is also helping to strengthen the country's foreign exchange reserve position," a BB senior official told The Financial Express (FE).
Meanwhile, Bangladesh's gross forex reserves rose to $31.20 billion on December 01this calendar year from $31.12 billion on November 27 last as per traditional calculation of the central bank.
Under the International Monetary Fund (IMF)'s Balance of Payments International Investment Poisson Manual-six edition, generally known as BMP6, the forex reserves stood at $26.51 billion during the period under review from $26.40 billion, according to the central bank's latest statistics.
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