Bangladesh Bank (BB) has launched a Foreign Exchange Market (FXM) Module to automate foreign exchange intervention, interbank transactions and reporting-related activities, aiming to enhance efficiency, transparency and reliability in the country’s foreign exchange market.
BB Governor Md Mostaqur Rahman formally inaugurated the FXM system at the central bank’s Foreign Currency Management (FCM) department on Tuesday, said a press release.
Deputy Governor Dr Md Kabir Ahmed and Director of Foreign Reserve and Treasury Management Department-1 A.K.M. Ramizul Islam, among other officials concerned, attended the inaugural programme.
The FXM module has been developed by Bangladesh Bank’s own officials to automate activities that were previously carried out manually.
Bangladesh Bank periodically conducts foreign exchange interventions to maintain stability in the domestic foreign exchange market.
At the same time, banks undertake interbank foreign exchange transactions, including spot, forward and swap deals.
Banks also collect information on customer-level foreign exchange transactions, including imports, exports and remittances, which is used to prepare reference exchange rates published twice daily on Bangladesh Bank’s website.
According to the central bank, automation through the FXM module will enable foreign exchange transactions to be conducted on a real-time basis and facilitate the preparation of accurate reference rates.
It will also improve the accuracy, transparency and reliability of related information.
The system is expected to enhance commercial banks’ capacity to take timely decisions and improve the efficiency of their operations, thereby facilitating liquidity and risk management.
The real-time availability of information will also strengthen Bangladesh Bank’s market surveillance and help the central bank take timely and realistic decisions based on updated market data.
Bangladesh Bank has already issued a circular to the concerned banks along with Operational Guidelines detailing the use and procedures of the FXM system.
The central bank expects the automation to enhance efficiency, transparency and accountability in the country’s foreign exchange market operations while strengthening market management and supporting more effective policy decisions.
Source: The Business Standard
Read More at: csslbd.net
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