Dhaka, Aug. 11 -- The Bangladesh Bank (BB) purchased a further US$83 million from 11 commercial banks in an auction on Sunday, paying between Tk121.47 and Tk121.50 per dollar, as part of efforts to counter a sharp fall in the greenback's exchange rate. With this latest purchase, the central bank has bought a total
of US$622 million from local banks since 13 July under the prevailing free-floating exchange rate regime. The first such intervention came on 13 July, when US$171 million was bought from 18 banks to halt a rapid decline in the dollar's value.
Sunday's cut-off rate was Tk121.50, about 45 per cent lower than the rate on 24 July. Officials said the move aimed to prevent excessive volatility and strengthen reserves, which have been ...