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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