BB sells $20m to check dollar rate rise

Bangladesh Bank sold $20 million from its foreign exchange reserves to commercial banks on Monday after the dollar rate appeared set to cross Tk124, a central bank official said.

It is the second time the central bank has intervened in the current fiscal year. On 14 September, it sold $11.5 million.

The dollars were sold at Tk123.65 each, 85 paisa higher than the Tk122.80 rate at the previous sale, the official said.

A senior commercial bank official said banks had been buying dollars from exchange houses at higher rates.

The central bank stepped in out of concern that the exchange rate could climb further if such purchases continued.