The central bank has enhanced its foreign currency support through selling the US dollar directly to the commercial banks for settlement of import bills, officials said.
"We've provided the foreign currency support to the commercial banks to settle payment of import bills on account of essential items including food grains, fuel oils and power plant equipment," a senior official of the Bangladesh Bank (BB) told the FE Wednesday.
As part of the operation, the central bank sold Wednesday US$16 million at the market rate to a state-owned commercial bank (SCB) directly to meet the growing demand for the greenback.
The US dollar was quoted at Tk 73.55-Tk 73.65 in the inter-bank foreign exchange market on the day against Tk 73.45 -Tk 73.60 of the previous working day, market operators said.
Last Tuesday, the BB sold $70 million to two SCBs to settle outstanding letters of credit (LCs) against imports of petroleum products, food grains and fertiliser, the central bank officials said.
Besides, the BB provided overdraft (OD) facilities for $ 5.0 million to a SCB on the same ground, they added.
"We want to minimise mismatch between supply of, and demand for, foreign exchange in the market through providing such supports to the commercial banks," another BB official said.
Such foreign currency support to the banks will continue in line with the market requirement, he said, adding that the central bank is closely monitoring the overall market situation.
The central bank has so far pumped in $1.11 billion directly to the commercial banks to meet such higher demand for the greenback in the current fiscal year, the BB data showed.
"We've provided nearly $900 million as OD facilities to the commercial banks, particularly to the SCBs since December 2010. Of this amount, some $433 million still remains outstanding," the BB official added.
"We've provided the foreign currency support to the commercial banks to settle payment of import bills on account of essential items including food grains, fuel oils and power plant equipment," a senior official of the Bangladesh Bank (BB) told the FE Wednesday.
As part of the operation, the central bank sold Wednesday US$16 million at the market rate to a state-owned commercial bank (SCB) directly to meet the growing demand for the greenback.
The US dollar was quoted at Tk 73.55-Tk 73.65 in the inter-bank foreign exchange market on the day against Tk 73.45 -Tk 73.60 of the previous working day, market operators said.
Last Tuesday, the BB sold $70 million to two SCBs to settle outstanding letters of credit (LCs) against imports of petroleum products, food grains and fertiliser, the central bank officials said.
Besides, the BB provided overdraft (OD) facilities for $ 5.0 million to a SCB on the same ground, they added.
"We want to minimise mismatch between supply of, and demand for, foreign exchange in the market through providing such supports to the commercial banks," another BB official said.
Such foreign currency support to the banks will continue in line with the market requirement, he said, adding that the central bank is closely monitoring the overall market situation.
The central bank has so far pumped in $1.11 billion directly to the commercial banks to meet such higher demand for the greenback in the current fiscal year, the BB data showed.
"We've provided nearly $900 million as OD facilities to the commercial banks, particularly to the SCBs since December 2010. Of this amount, some $433 million still remains outstanding," the BB official added.
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