BB asks dealers to report 24 hrs before LC opening

Bangladesh Bank on Thursday instructed authorized dealers (ADs) to report all types of their foreign exchange transactions including offshore banking operations to the web portals of BB on a regular basis, reports UNB.

The central bank is tightening policy on spending of foreign exchange by curbing unnecessary imports and trade-based money laundering.

As part of import monitoring, ADs have been instructed to submit import information to the central bank's online import monitoring system (OIMS) 24 hours prior to opening letters of credit (LCs).