To keep dollar stable at Tk121.50BB buys $83m from 11 banks

Bangladesh Bank has purchased $83 million from 11 commercial banks through a multiple-price auction to keep the foreign exchange market stable.

The exchange rate for the transaction ranged from Tk121.47 to Tk121.50, with the cut-off rate set at Tk121.50.

Arif Hossain Khan, an executive director and spokesperson for Bangladesh Bank, confirmed the purchase on Sunday.

He stated that out of the total, $12 million was bought at a rate of Tk121.47, while the remaining $71 million was acquired at Tk121.50.

A senior central bank official described the purchase as a "normal process" and a strategic move to manage the market.

"The governor has stated on multiple occasions that the central bank will buy dollars from the market if necessary. The bank will also sell dollars to commercial banks based on demand. This is a strategic step to control the market," the official said.

This recent purchase follows similar actions on 23 July, when the central bank bought $10 million at a rate of Tk121.95.

Additionally, in auctions on 13 July and 15 July, it acquired $173 million and $313 million, respectively, at a rate of Tk121.50.

This brings the total amount of dollars purchased by the central bank through the ongoing auction process to $579 million.