BB introduces currency swap with commercial banks

Business Report :
The Bangladesh Bank introduced a currency swap guideline for the first time under which it will buy dollars from banks at spot rate in exchange of taka.
Spot rate will be considered interbank reference rate which is now Tk110 per dollar.
When banks will take back their dollar, they have to pay interest rate. In this case, the interest rate will be the difference between the SOFR rate and the repo rate, according to the central bank guideline.
For instance, at present the SOFR rate is 5.3% and the repo rate is 8%. The difference is 2.7%, which will be charged annually to banks for swap.
At present banks borrow money from the central bank at 8% annual repo rate. But if they go for currency swap, they will have to pay an annual interest of only 2.7%.
Moreover, banks will get back their dollars after a day or 15 days or 30 days whenever they need at almost the same rate that they sold to the central bank.