Banks asked to file foreign exchange info in a new format for better monitoring
The Bangladesh Bank has asked foreign-currency dealer banks to submit their daily exchange position statements using a new rationalised input template (RTI) to ensure better monitoring.
In a circular on Monday, the central bank said it had decided to replace the existing RTI for further convenience of supervision.
According to the circular, the dealer banks will have to submit their daily position statements using the trial version of the new RTI in an excel format through email from 16 February.
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At the end of the trial period, dealer banks must upload their exchange position info on the ereturens.bb.org.bd platform from 21 March.
Alongside the new RTI, dealer banks have also been asked to continue submitting daily exchange positions to the Bangladesh Bank enterprise data warehouse using the previous RTI until further instructions.
According to the foreign exchange transaction guideline, dealer banks must maintain records of their exchange position in foreign currencies at the close of business on each working day in the prescribed format.
Also, the banks will have to maintain their overall exposures in foreign currencies (overall net exchange position) within the "Open position limit" at the end of the day.
The open position limit is required to be approved by the Bangladesh Bank based on total capital and some other qualitative judgment.
