Bangladesh Bank has purchased $171 million from commercial banks through its first-ever dollar auction, conducted on Sunday.
The central bank stated that the recent increase in remittance inflows and export earnings has led to a week-long depreciation of the US dollar against the taka.
The measure was taken in light of this depreciation. A senior Bangladesh Bank official said, “The central bank bought dollars through auction from commercial banks to maintain exchange rate stability.”
The central bank set the purchase rate at Tk121.50 per dollar – higher than most commercial banks’ current rate of around Tk120.
He added, “If the dollar appreciates against the taka again, Bangladesh Bank will similarly intervene by selling dollars through auctions.” He emphasised, “The central bank will intervene whenever necessary to keep the market stable.”
A treasury department official from a leading private commercial bank noted that, while most banks traded dollars at around Tk120 on Sunday, the rate may soon reach Tk121.50.
Last week, the exchange rate exceeded Tk123 per dollar, but most banks had lowered it to Tk120 by Sunday.