To help stabilize the exchange rate of the US dollar, Bangladesh Bank has purchased $104 million from eight banks through an auction at a rate of Tk121.80 per dollar.

The central bank’s spokesperson and Executive Director Arif Hossain Khan confirmed the development to reporters on Monday (October 6). He stated that since the beginning of the current fiscal year in July, the central bank has purchased a total of $1.98 billion through auctions. As a result, the country’s foreign exchange reserves have increased to $26.62 billion.

Economists say that by purchasing dollars through auctions, remittance senders and exporters are benefiting from slightly higher rates, which is helping to boost foreign currency inflows. At the same time, this move is gradually aiding in the recovery of the central bank’s foreign reserves.