Special Correspondent :
The central bank on Monday held auction of “Bangladesh Bank Bill” in a bid to rack up excess liquidity from the market.
On the first day of auction, the central bank mopped up an amount of Tk 2,605 crore excess liquidity by way of allowing banks to invest their idle fund at “Bangladesh Bank Bill.”
In the auction, Tk 1,505 crore has been raised through 7-day term bill with an annual interest of only 0.54 per cent and Tk 1,100 crore has been raised through 14-day bill with an annual interest rate of 0.75 interests, Md Sirajul Islam, executive director and spokesperson of the Bangladesh Bank (BB) told The New Nation.
He added, “The money is being raised though the open market operation so that it does not go to the unproductive sector.”
Besides, the auction for 30-day Bangladesh Bank Bill is scheduled to be held on Wednesday.
“There will be eight more auctions throughout this month to allow banks to invest their surplus liquidity through the central bank’s instrument,” said Md Sirajul Islam.
