Bangladesh Bank sold $11.5 million from its foreign reserves through an auction to assess dollar demand and the exchange rate in the market.
Six commercial banks purchased the dollars in Monday’s auction. The exchange rate ranged from Tk122.80 to Tk123.35 per dollar, with an average rate of Tk123.22. The cut-off rate was Tk122.80.
Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said the auction was aimed at determining whether there was any additional demand for dollars and assessing the market-based exchange rate.
A senior central bank official said the bank had offered $20 million, but only six banks submitted bids for $11.5 million. All the bids were accepted.
The official said the response indicated that banks had sufficient access to dollars and that there was no significant pressure in the market.
The central bank had last sold dollars through an auction on 1 September, when it sold $50 million to commercial banks at a cut-off rate of Tk122.75 per dollar.
