Banks asked to submit forex statements thru BB web portal

Bangladesh Bank on Sunday asked scheduled banks to submit their foreign exchange transaction-related statements through a central bank’s web portal instead of their existing manual-basis posting.

To this end, the BB issued a circular to authorized dealer branches of all banks asking them to submit their seven types of daily and monthly statements of foreign exchange-related transactions through the central bank web portal. The BB circular said that the central bank had made a web portal-based platform named ‘Online Foreign Exchange Market Monitoring System’ in a part of its ongoing automation program. The seven types of statements, which will be submitted through the web portal, are: daily statement of inter-bank and cross boarder foreign exchange transactions, daily statement of foreign exchange rates, daily statement of deal rates with exchange houses, daily statement of quoted rates to exchange houses, daily statement of day-end balances in nostro accounts, monthly statement of unadjusted entries of nostro accounts, and monthly foreign exchange inflow-outflow statement.

The BB asked the banks to submit the five types ofdaily-basis statements from April 1 and the monthly-basis statements from May 2 of this year through the web portal on experimental basis while the banks will also have to place the statements on manual-basis. The AD branches of the banks will have to submit the statements from July 1 on regular basis. A BB official told New Age on Sunday that the central bank’s monitoring system on the country’s foreign exchange market would be eased more as the BB would be able to analyses the data through online. Under the circumstances, the foreign exchange-related fraudulent acts will also decrease in the months to come, he said.

News Source: New Age

Date: 31-Mar-2014

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