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Call rate moves slightly, dollar gains in kerb market
FE Report
11/1/2005
The call money rate moved slightly Monday, while the US dollar was mostly steady against the local currency in the inter-bank foreign exchange market, sources said.
However, the dollar gained significantly to hit record high on the day in the local informal market, money dealers said.
In the informal market, the dollar was traded between Tk 67.90 and Tk 68.20 against the previous day's range between Tk 67.40 and Tk 67.70.
The call rate showed an upward trend on the day due to the central bank's withdrawal of fresh fund from the market, using its reverse repurchase agreement (repo) tool.
The Bangladesh Bank (BB) withdrew fund from the market amounting to Tk 1.15 billion at 5.5 per cent Monday through the reverse repo auction to keep the market stable.
The call rate ranged between six per cent and 12 per cent on the day from 5.5 per cent and 12 per cent of the previous day. However, most of the deals were settled between seven per cent and eight per cent, the market sources added.
The three nationalised commercial banks (NCBs) - Sonali, Janata and Agrani mostly quoted the call rates between seven per cent and eight per cent Monday, while the private commercial banks (PCBs) and foreign banks lent funds at 6.0-12.0 per cent.
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