Bangladesh Bank Resumes Dollar Sales As Import Demand Rises

(MENAFN- Bangladesh Monitor) Dhaka: Bangladesh Bank has returned to the foreign exchange market as a dollar seller after more than a year, supplying USD 11.5 million to six banks amid rising import-related demand.

The intervention marks a shift from the central bank's recent role as a buyer of foreign currency. Bangladesh Bank had accumulated roughly USD 6 billion from the market over the previous 14 months as foreign exchange inflows improved.

The latest move comes as higher global fuel prices and increased import payments put fresh pressure on the local currency. The interbank exchange rate reached BDT 123.35 per dollar, compared with BDT 123.20 the previous day.

Import payments climbed 8.6 percent year over year to USD 6.44 billion in July, according to central bank data. Petroleum product imports accounted for much of the increase, jumping 83.3 percent to USD 1.37 billion.

Exports, meanwhile, declined 1.6 percent to USD 4.35 billion during the month.

Reports cited a Bangladesh Bank official saying the central bank would continue to step into the market when necessary to prevent excessive exchange-rate volatility, adding that the country's reserves remain at a comfortable level.

Foreign exchange reserves stood at USD 31.36 billion under the IMF's BPM6 methodology on September 10, compared with USD 25.68 billion a year earlier.

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