BB to monitor forex-related transactions on dashboard

Bangladesh Bank staff led by governor Atiur Rahman stand in silence for three minutes starting from 4:00pm to express solidarity with Shahbagh protests demanding death penalty to Jamaat-e-Islami leader Abdul Quader Molla and all other war criminals at the central bank headquarters in Dhaka on Tuesday.
Bangladesh Bank on Tuesday introduced an electronic system for monitoring all kind of transactions involving foreign exchange in the banking sector to check any embezzlement.
BB governor Atiur Rahman inaugurated the electronic system named dashboard at the central bank headquarters in the capital.
Managing directors of a number of scheduled banks attended the programme.
Atiur said from now on the inspection team of the central bank would be able to analyse the data of the dashboard before it made any special visit to a bank.
‘The introduction of the dashboard is a time-befitting measure. It will help us to tackle embezzlement and forgery in the banking sector,’ he said.
He said that the central bank would know all information about export, import, inward and outward remittance instantly from the dashboard.
The monitoring and supervision system of the BB will be strengthened by using the dashboard, he said.
The zonal offices of the central bank will also be able to use the dashboard and officials concerned will get facility from the electronic system before making any inspection to any bank in their respective zone.
‘The BB has set a target of transmitting all reports in the banking sector through online. The newly-introduced dashboard will give a push to the effort,’ he said.
Moreover, scheduled banks will also be able to supervise their own operation under the system as banks will be able to monitor the business situation at their branches through the BB web portal, the BB governor said.
A BB official told New Age that the electronic screens would initially be set up at the offices of BB governor and concerned deputy governor, executive director, general manager and all branch offices of the central bank.
He said, ‘From now on, we are able to know the bank-wise outstanding inland documentary bills and the amount of bills of acceptance to be given by a branch of a bank in a day,’ he said.
Sonali Bank MD and CEO Pradip Kumar Dutta said that not only the central bank but also his bank could get dashboard facilities.
He said, ‘Sonali Bank could have avoided the recent unexpected incident if the electronic system was introduced before it happened.’
A BB investigation revealed that Sonali Bank’s Ruposhi Bangla Hotel branch lent Tk 3,606 crore to Hallmark Group and five other companies between 2010 and May 2012 against fake letters of credit.
The BB official said that the dashboard would make the central bank capable of tackling embezzlements like Hallmark Group-Sonali Bank scam.
He said that the scam had been done through purchasing fake inland documentary bills for back-to-back LC.
BB deputy governor Nazneen Sultana and executive director Md Ahsan Ullah, NCC Bank MD and CEO Mohammed Nurul Amin, Pubali Bank MD and CEO Helal Ahmed Chowdhury and Islami Bank MD and CEO Mohammad Abdul Mannan also addressed the programme.

News source:
New Age Bangladesh
Dated:- 13-Feb-2013

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