Bangladesh Bank Tuesday introduced Electronic Dash Board (EDB) to monitor all transactions of foreign currencies by banks.
EDB monitoring will be on daily basis to check any irregularity related to foreign currencies.
In this system, officials in the central bank and chief executives of all banks will be able to see the indicators regarding export proceeds, imports status (LC opening and acceptance on inland bills) and inward and outward remittances.
Bangladesh Bank Governor Dr Atiur Rahman formally launched the EDB at Jahangir Alam Memorial Hall of the central bank.
“All reporting systems will gradually be online under the mega plan of paperless banking system in the country,” Dr Atiur Rahman said.
He added that online reporting would help both the central bank and banks to perform their services faster, ultimately leading the banking sector to behave prudently.
“The central bank’s objective is to keep the country’s financial system safe and secure from irregularities,” the governor said. Deputy Governor Najneen Sultana presented the features of EDB.
“All branches of central bank across the country will be able to monitor indicators of banks in foreign currency transactions any time,” she said.
Najneen Sultana added that the authorised dealer banks have been asked to upload all fresh data on foreign currency transactions to ensure proper supervision.
BB Executive Director Md Ahsanullah said the new system will prevent incidence like Hall-Mark scam.
Daily Sun Bangladesh