BB`s `Fx Dashboard` to monitor transactions

DHAKA, June 21: All foreign exchange transactions through banking channel are now under online monitoring of Bangladesh Bank (BB) which has introduced `Foreign Exchange Transactions Monitoring Dashboard` to record data on forex transactions round the clock.

"Foreign exchange transactions are now under our close monitoring as Fx Dashboard shows data about such transactions round the clock," the BB is now fully capable to take steps immediately after detecting any irregularity," said Deputy Governor Nazneen Sultana.

`Foreign Exchange Dashboard (Fx Dashboard)` is a graphic presentation of four online reporting modules for monitoring the foreign exchange transactions of the AD branches of the country. The modules are Online Export Monitoring System, Online Import Monitoring System, Online Outward Remittance Monitoring System and Online Inward and Wage Earner`s Remittance Monitoring System.

BB has developed the software of these four modules and Fx Dashboard with its own efforts and technology, said Nazneen Sultana, a key person to the automation of the central bank.

She said all departments concerned, including Foreign Exchange Operation Department, Foreign Exchange Policy Department, Foreign Exchange Inspection Department, Financial Integrity and Customer Services Department, are now capable to monitor and supervise forex transactions reported directly by all authorized dealer (AD) branches of banks across the country.

"Not only the departments concerned of the central bank, we have given the top officials of all commercial banks the user ID and password to monitor and supervise the forex dealings of their respective banks" added Nazneen Sultana who looks after the BB`s IT Operation and Communication Department.

She said the central bank monitors and scrutinizes entire information of all visible and invisible receipts and payments and if any irregularity is found, it immediately contacts with bank and the branch concerned over telephone, email and letter for taking necessary action.

"Even the governor can watch and supervise every minute`s update of forex transactions," she added.

While elaborating, she said the Online Export Monitoring System helps BB to know about every detail of exports on real time basis because it records information about AD branch, exporters, goods, country and currency-based export volume, amount of foreign currency against the exports and outstanding export bills.

Efforts are going on to bring the Customs Import and Export System for real time data sharing with these BB Systems.

Online Import Monitoring System contains two parts: a) Cross border import reporting and b) Inland back- to- back LC reporting. Information about AD branch, importers, goods, country and currency-based import volume, amount of outstanding Import bills, overdue bills and bill of entry is available on cross border import reporting part while inland back- to- back LC reporting presents information about every details of LCs, acceptance, inland bill purchase and bill payment situation.

"All these data helps the central bank detect any irregularity and take immediate steps accordingly . . . BB is now more capable to check Hallmark-type scam," said Nazneen Sultana having an extensive and versatile central banking experience for over 31 years in managing critical supervisory issues.

Beside, displaying information about inward-outward and wage earner`s remittances, the Online Inward and Wage Earner`s Remittance Monitoring System helps the authorities concern know about detailed information about purchase of cash foreign currency against a passport and transaction of FCC electronic cards.