Dhaka, Bangladesh (BBN)– The central bank of Bangladesh has asked the country’s money changers to report all transactions mentioning currency codes to know the actual position of foreign exchange, officials said.
“We’ve asked the money changers to submit such report to their corresponding commercial banks from the month of November this year for transactions made in October,” a senior of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka on Saturday.
He also said the commercial banks will have to submit their monthly statement by 15 of each month to the concerned departments of the central bank.
Under the new regulations, the flow of inward remittances will increase after all foreign currency cash transactions come under the new reporting system, the BB officials said.
“We’ve taken such measures aiming to ensure transparency in the money changers’ monthly reporting system,” the BB official said, adding that the money changers have to mention the foreign currency codes along with country codes in their statements.
The codes should be mentioned following the central bank published code list for reporting the foreign exchange transactions by the authorized dealers.
The central bank has already issued a circular in this connection and asked the commercial banks and all money changers to submit the report in prescribed forms.
The money changers now submit the transaction reports of only four major currencies – USD, Pound Sterling, Euro and Japanese Yen – to their commercial banks concerned, a money trader said.
The central bank may suspend the licence of a money changer any time without showing any reason in case of violation of any rules and regulation relating to foreign exchange transactions, according to a circular, issued earlier.
“The BB has amended the order for money changers aiming to ensure proper enforcement of such rules and regulations,” another BB official said.
Currently, 240 money changers are operating across the South Asian country.
BBN/SS/SI/AD-11October09-1:03 am (BST)
