BB buys 353 million dollars through auction to stabilise rate

Bangladesh Bank on Monday purchased US$353 million from 26 commercial banks through a multiple-price auction in a bid to stabilise the exchange rate of the dollar.

According to the central bank, the measure aims to maintain stability in the foreign exchange market and encourage the inflow of remittances.

In the first two months of the current fiscal year, Bangladesh Bank has bought a total of 1.74 billion US dollars.

Arif Hossain Khan, executive director and spokesperson of the central bank, told UNB that Monday’s purchases were made at rates between Tk121 and Tk121.75 under the multiple-price auction method.

He said Bangladesh Bank is purchasing surplus dollars from commercial banks as they receive foreign currency from remittances and the repatriation of export proceeds.

This initiative is expected to support remittance inflows and export earnings, he added.