Bangladesh Bank bought $353 million from 26 banks on Monday at Tk121.75 per dollar, its largest single-day purchase in weeks and a sign of how aggressively the central bank is working to shore up its reserves.
The transaction lifted reserves to $30.945 billion as of September 15, according to official data. That’s up from $30.31 billion earlier in the month, when a $1.5 billion payment to the Asian Clearing Union cut into the stockpile.
The bank has now purchased nearly $1.8 billion since mid-July, reversing a yearslong pattern of dollar sales that had drained reserves from a record $48 billion in 2021 to below $27 billion late last year. In September alone, the central bank has snapped up more than $750 million – $134 million on the 4th, $265 million on the 9th, and Monday’s $353 million.
Officials say the renewed buying serves a dual purpose: Rebuilding reserves while preventing the taka from strengthening too quickly. A stronger local currency could hurt exporters and discourage remittances, a vital source of hard currency. The central bank’s presence in the market has helped stabilise the exchange rate, which has hovered between Tk121.61 and Tk121.86 since late August. On Monday, the rate stood at Tk121.75.
The strategy marks a sharp break from the past two years, when the central bank offloaded more than $30 billion to cover import bills for fuel, food, and raw materials amid surging global prices. Those sales offered short-term relief but left reserves dangerously thin.
Bangladesh’s reserve position remains modest compared with India’s $694 billion war chest, but it is sturdier than that of several neighbors. Pakistan’s reserves stand around $19.6 billion, while Sri Lanka holds just $6.1 billion after its 2022 default.
Nepal’s reserves remain in single-digit billions. At close to $31 billion, Bangladesh still has enough to cover six to eight months of imports, giving it a buffer even as external pressures from energy imports, global inflation and a firm US dollar persist.
Analysts expect the central bank to remain an active buyer in the months ahead, balancing near-term stability in the currency market with the longer-term need to rebuild a credible reserve cushion.
