Bangladesh Bank Buys Another $22.35 Million in Auction

Staff Report: PNN

To maintain stability in the foreign currency market, Bangladesh Bank purchased another $22.35 million USD through an auction. On Tuesday (6 January), 14 commercial banks sold these dollars, according to central bank authorities.

Arif Hossain Khan, Executive Director and spokesperson of Bangladesh Bank, stated that the exchange rate in this auction was set at 122.30 BDT per USD, which was also used as the cutoff rate. With this, the total dollar purchased by Bangladesh Bank in January now stands at $411 million USD.

Sources from the central bank said this purchase aims to strengthen foreign reserves and prevent unnecessary volatility in the market. Previously, Bangladesh Bank had purchased dollars several times in the current fiscal year. According to the latest data, the total dollar purchase by the central bank this fiscal year is approximately $3.54 billion USD. Analysts believe this continued activity positively impacts reserve management and boosts confidence in import-export transactions.