Bangladesh Bank buys $38 million more from market

Bangladesh Bank (BB) today bought $38 million more from six commercial banks to rebuild foreign exchange reserves and maintain stability in the exchange rate.

As a result, total USD purchases have hit $2.12 billion since the beginning of this fiscal year.

Due to the continued American currency purchasing spree by the central bank, the foreign exchange reserves of Bangladesh Bank currently stand at $27.12 billion.

BB, which sold more than $25 billion from its forex reserves to help cover imports of fuel, fertiliser, and food between FY21 and FY25, has begun purchasing the greenback since the start of this fiscal year as supply increased owing to higher exports and remittances.

Since early July, the taka has gained against the dollar.

Today, the dollar was traded at a maximum of Tk 121.80