bdnews24.com :
The Bangladesh Bank is selling dollar to stabilise the market after being on a buying spree for the same reason.
It sold $115 million over the past three days before seeking to reassure that there was little chance of an abnormal rise in dollar prices given the greenback’s adequate supply in the market.
The central bank’s Forex Reserves and Treasury Management Department General Manager Kazi Saidur Rahman said, “A quarter always tries to destabilise the market by spreading panic.”
He said these people were at it again following a slight rise in dollar prices but there was enough supply in the market. Analysts say it is natural for the central bank to sell dollars when it is in high demand.
The central bank sold $45 million at Tk 77.73 per dollar on Monday, taking the total sale over the past three days to $115 million.
The dollar had been gaining against the taka for the past several days. Within a month, taka lost 0.50 percent of its value vis-a-vis the dollar.
Experts and bankers say the central bank is releasing dollars in the market to contain it price. They say increasing imports is pushing up the demand for dollars and, hence, its price as well. The interbank currency market saw a record $180 million being transacted on Monday.
Exchange rate data available from the Bangladesh Bank show the exchange rate in the interbank market a month ago (Oct 30) was Tk 77.40 to a dollar. On Monday, the rate was Tk 77.73 to a dollar.
Over the past three years, the central bank had bought 10 billion dollars from the market to keep its price stable.
There was a surge in dollar supply because of export revenues, expatriate remittances and slack imports, which prompted the bank to buy them for the sake of price stability. But in recent times, a spurt in imports has pushed up dollar demands, influencing its price.
Saidur Rahman said dollars were being sold by the central bank keeping the fact in mind.
He said on Monday: “The dollar price is now increasing. So we are increasing the dollar supply in the market.”
The Bangladesh Bank is selling dollar to stabilise the market after being on a buying spree for the same reason.
It sold $115 million over the past three days before seeking to reassure that there was little chance of an abnormal rise in dollar prices given the greenback’s adequate supply in the market.
The central bank’s Forex Reserves and Treasury Management Department General Manager Kazi Saidur Rahman said, “A quarter always tries to destabilise the market by spreading panic.”
He said these people were at it again following a slight rise in dollar prices but there was enough supply in the market. Analysts say it is natural for the central bank to sell dollars when it is in high demand.
The central bank sold $45 million at Tk 77.73 per dollar on Monday, taking the total sale over the past three days to $115 million.
The dollar had been gaining against the taka for the past several days. Within a month, taka lost 0.50 percent of its value vis-a-vis the dollar.
Experts and bankers say the central bank is releasing dollars in the market to contain it price. They say increasing imports is pushing up the demand for dollars and, hence, its price as well. The interbank currency market saw a record $180 million being transacted on Monday.
Exchange rate data available from the Bangladesh Bank show the exchange rate in the interbank market a month ago (Oct 30) was Tk 77.40 to a dollar. On Monday, the rate was Tk 77.73 to a dollar.
Over the past three years, the central bank had bought 10 billion dollars from the market to keep its price stable.
There was a surge in dollar supply because of export revenues, expatriate remittances and slack imports, which prompted the bank to buy them for the sake of price stability. But in recent times, a spurt in imports has pushed up dollar demands, influencing its price.
Saidur Rahman said dollars were being sold by the central bank keeping the fact in mind.
He said on Monday: “The dollar price is now increasing. So we are increasing the dollar supply in the market.”
