Bangladesh Bank has sold $120 million from the country’s foreign exchange reserves to commercial banks through an auction, as demand for the US dollar remains high amid increased pressure from government letter of credit (LC) payments.
The central bank sold the dollars today (4 November) at rates ranging from Tk124.30 to Tk124.35 per dollar.
It initially offered $100 million through the auction but increased the amount by another $20 million in response to higher demand from banks.
On 3 November, Bangladesh Bank also called an auction to sell $100 million. However, it later withdrew the offer as the exchange rate rose, according to sources.
Bankers said the dollar rate had increased amid stronger demand for foreign currency to settle government LC payments in October.
Source: https://www.tbsnews.net/economy/bangladesh-bank-sells-120m-reserves-commercial-banks-1593016
