Bangladesh Bank Purchases $47.50 Million in Auction to Increase Dollar Supply in Market

Staff Reporter | PNN:
To increase the supply of dollars in the domestic market and maintain exchange rate stability, Bangladesh Bank purchased $47.50 million through an auction on Tuesday. Eight banks participated in the auction.

Arif Hossain Khan, Executive Director and spokesperson of Bangladesh Bank, stated that the exchange rate for the dollar purchase ranged from BDT 121.70 to BDT 121.75. The auction cut-off rate was set at BDT 121.75.

He added, “This measure has been taken to ensure the availability of dollars in the market. Earlier in the current fiscal year, the central bank has also purchased dollars through multiple auctions.”

The move aims to control the intense demand for foreign currency and maintain market stability for traders and importers.