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Money Market

Sonali, Janata, Agrani under pressure for liquidity

. B&F report
Bangladesh taka remained firm against the euro on higher selling by exporters after the single currency dropped against majors in Asian markets while the demand for call money remained strong from banks and financial institutions, dealers said
The demand for call money was strong as some banks and non-bank financial institutions were under pressure for liquidity and borrowed money from call money market. The call money rate ranged between 15 per cent and 17 per cent, in most dealers, money dealers of different banks said.
Nationalised Sonali Bank, Janata Bank and Agrani Bank remained under pressure for liquidity and borrowed call money from the market at comparatively higher rates, fund managers said noting that only Rupali Bank had surplus fund and lent money to other banks.
The call money rate touched its high at 18 per cent and its low at 9.00 per cent in a few deals. At least 50 banks and non-bank financial institutions transacted nearly Tk 5000 crore, while non-bank financial institutions borrowed money at rates between 15 per cent and 17 per cent, dealers said.
The weighted average rate of call money stood at 14.98 per cent on Tuesday, while the rate touched its high at 17 per cent and its low at 9.00 per cent, central bank officials said.
Meanwhile, Bangladesh currency was steady against the US dollar on Wednesday but remained firm against the euro on higher euro selling, dealers said.
The US dollar was traded at Tk 81.8953 today in interbank market- in line with the previous day's closing, dealers said.
Dealers put their focus on Asian markets where the euro lost ground against the dollar and yen as nervous investors await a summit of European Union leaders focusing on Greece's possible exit from the eurozone.
The euro fetched $1.2670 and 100.80 yen in Tokyo afternoon trade, lower than $1.2684 and 101.45 yen in New York late Tuesday. The dollar slipped to 79.54 yen from 79.98 yen.
Investors fear Greece's fiscal woes will have a ripple effect across the 17- nation bloc, including Spain where tens of  thousand of striking teachers and students and their supporters demonstrated countrywide on Tuesday to protest against deep cuts to education spending.