BB, NBR, BDR to monitor import position online

FE Team | Published: October 04, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Siddique Islam
The Bangladesh Bank (BB) will, for the first time, launch an online monitoring system to know both the actual position of opening letters of credit (LCs) against imports and settlement situation to ensure smooth supply of the essentials in the market.
As part of the ongoing efforts to rein in the prices of essentials, two government agencies and the central bank will jointly monitor the overall import position using online system.
A software has already been developed to facilitate collection of information from banks on LCs and actual import position by three agencies - the BB, the National Board of Revenue (NBR) and Bangladesh Rifles (BDR) - for taking necessary measures.
The central bank issued a circular in this connection Wednesday and asked the commercial banks to follow the new system for providing such information properly.
The new monitoring system will come into effect from October 9 next and an orientation course among the bankers, who are responsible to provide such data, will be held at the central bank before the deadline, official sources said.
Under the new monitoring system, the banks will have to provide import related information of 65 products on a daily basis along with monthly import statements.
Besides, the banks must be posted with such information using the software within 8.00 am to 8.00 pm of the next working day, according to the circular.
Officials concerned of the commercial bank have to collect their 'user name' and password from the Information System Development Department of the BB to operate the software, the circular added.
Sources, however, said one of the main objectives of the new monitoring system will be to pin-point the importers, who are trying to influence the market by suppressing information about actual position of their imported items.
"We have asked the banks to provide such information using the software to know the actual position of the overall import," a BB senior official told the FE Wednesday.
He also said the new monitoring system will also help the authorities concerned know the discrepancies and take immediate actions.