2024-08-02 10:19:49
There is a rule to send the information of the amount of foreign currency or dollars being transacted by the banks to Bangladesh Bank regularly. But, many banks do not accept it. Even, banks are giving wrong information on dollar transactions. Therefore, Bangladesh Bank has ordered to provide information on foreign exchange dashboard within 8 hours of dollar transaction.
On Wednesday (July 31), the Foreign Exchange Operations Department of Bangladesh Bank said that according to the Guidelines for Foreign Exchange Transactions, 2018 and circulars issued earlier, there are instructions to report foreign exchange transactions on a regular basis in the online foreign exchange transaction monitoring and management system (Foreign Exchange Dashboard). . However, due to inaccurate and late reporting on the dashboard, the central bank is facing problems in balance of payment accounting and monetary policy formulation and implementation.
In such a situation henceforth import and export LC will have to provide information on the dashboard within 8 working hours of payment and receipt of any value in foreign currency.
Accurate and complete information should be given in the prescribed template of various modules of the dashboard. Besides, effective supervision should be arranged through the concerned department of the head office of the bank for monitoring the reporting on the dashboard.
All instructions issued earlier regarding reporting on the Foreign Exchange Dashboard shall remain in force as usual and compliance shall be ensured. Also, the new directive will come into effect immediately.