In a striking move to steady the dollar, Bangladesh Bank on Monday bought up US$353 million from 26 commercial banks through a multiple-price auction, sending a clear signal that it is determined to safeguard the currency.

The central bank’s intervention comes amid ongoing fluctuations in the foreign exchange market, aiming not only to stabilise the rate but also to encourage the inflow of remittances—an economic lifeline for millions of families across the country.

This latest purchase is part of a broader trend: in just the first two months of the current fiscal year, Bangladesh Bank has already bought a total of US$1.74 billion, demonstrating its proactive approach to managing the dollar’s volatility.

Arif Hossain Khan, executive director and spokesperson of the central bank, said Monday’s dollars were acquired at rates ranging between Tk121 and Tk121.75 under the multiple-price auction system.

“Bangladesh Bank is stepping in to buy surplus dollars from commercial banks, which receive foreign currency through remittances and export proceeds. This initiative is designed to support remittance inflows and strengthen export earnings,” Khan said.

With the pressure on the dollar easing slightly after the auction, market watchers see the central bank’s decisive action as a sign of commitment to stabilising the economy and keeping confidence alive among businesses and households alike.