BB buys $104m more, total nears $2b

The Bangladesh Bank (BB) yesterday purchased $104 million from commercial banks as part of its efforts to ensure stability in the exchange rate and maintain reserves at a level sufficient to meet external payment obligations.

The central bank said it bought the greenback from eight banks at rates between Tk 121.78 and Tk 121.80 per dollar.

With this transaction, total dollar purchases under the auction method in the current fiscal year (FY) have reached $1,981 million, reversing the central bank's previous stance of selling from its dollar stocks.

Over the past three years until FY25, the central bank sold more than $25 billion from its forex reserves to cover imports of fuel, fertiliser, and food

Over the past three years until FY25, the central bank sold more than $25 billion from its foreign exchange reserves to cover imports of fuel, fertiliser, and food. Since early July, the taka has gained against the dollar.

On July 2, the greenback was traded at Tk 122.85, but yesterday it was sold at Tk 121.80, supported by inflows of foreign currency from remittances and exports, alongside slower import growth.

Following the purchase, the country's foreign exchange reserves stood at $26.79 billion, up from $21 billion in early October last year, according to the BB.