ICCB urges banks to use international tools | The Daily Star
12:00 AM, August 03, 2010 / LAST MODIFIED: 12:00 AM, August 03, 2010

ICCB urges banks to use international tools


Mahbubur Rahman, third from left, president of International Chamber of Commerce Bangladesh (ICCB), inaugurates a
workshop in Dhaka yesterday. Vincent O'Brien, third from right, a member of the ICC Banking Commission, conducted the workshop. Latifur Rahman, ICCB vice-president, Mamun Rashid, chairman of standing committee on banking, AKM Rafiqul Islam, executive board member, and Ataur Rahman, secretary general, are also seen. ICCB

International Chamber of Commerce Bangladesh (ICCB) has called upon the commercial banks to adopt new international tools to be at par with the global practices.
This will also help the country attain a sound monetary system, said ICCB President Mahbubur Rahman yesterday.
He was speaking at the inauguration of a daylong workshop on 'New URDG: The Uniform Rules for Demand Guarantees' organised by the chamber in Dhaka, according to a statement.
The ICCB president said the central bank should ensure that the commercial banks adopt such tools.
“The Bangladesh Bank in its latest monetary policy emphasised the dual objectives of maintaining price stability and supporting the faster economic growth. A rise in import payments and increased deficit in financial account are projected to reduce the balance of payments surplus, and will help cut the need for US dollar purchases to limit the appreciation of taka,” said Rahman.
“In the context of globalised and free market economy, it is of utmost importance that we keep pace with the new technologies that are being developed for better and secured international trade.”
The ICC's new URDG is considered an authoritative guide and reflects international practice in the use of demand guarantees, while preserving the goal of the original rules, said the statement.
This also balances the interests of the trading parties and curbs abuse in the development of international trade guarantees.
The URDG provides a framework for harmonising international trading practices and establishes agreed-upon rules for independent guarantees and counter-guarantees among trading partners.
The guarantees specify uniform practices for securing payment and performance in worldwide commercial contracts.
The new URDG, formally known as URDG 758, was the result of a two-and-a-half-year revision process that produced five comprehensive drafts based on 600 comments from 52 countries.
The World Bank and the United Nations Commission on International Trade Law have adopted the URDG into their standards for financing international trade, said the statement.
At the inaugural session, the ICCB president also distributed certificates among the participants of an e-learning certificate programme -- Finance of International Trade (FIT) Initiative.
A total of 84 senior and mid-level executives from banks and financial institutions took part in the workshop.
ICCB Vice President Latifur Rahman, Chairman of ICCB Standing Committee on Banking Mamun Rashid and ICCB Executive Board Member AKM Rafiqul Islam also attended the inaugural session of the workshop, conducted by member of the ICC Banking Commission Vincent O'Brien.

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