BB to monitor online forex transactions

The Bangladesh Bank will monitor online all foreign exchange transactions through banking channel with their “Foreign Exchange Transactions Monitoring Dashboard”, which will record data on forex transactions round the clock.
"Foreign exchange transactions are now under our close monitoring as the Foreign Exchange Dashboard shows data about such transactions round the clock,” said Deputy Governor Nazneen Sultana, adding that the BB is now fully capable of taking immediate steps after detecting any irregularity.
The Fx Dashboard is a graphic presentation of four online reporting modules for monitoring the foreign exchange transactions of the authorised dealer (AD) branches of the country.  The modules are Online Export Monitoring System, Online Import Monitoring System, Online Outward Remittance Monitoring System and Online Inward and Wage Earner's Remittance Monitoring System.
The BB has developed the software of these four modules and Fx Dashboard with its own efforts and technology, said Nazneen Sultana, who looks after the BB's IT Operation and Communication Department.
She said all departments concerned, including Foreign Exchange Operation Department, Foreign Exchange Policy Department, Foreign Exchange Inspection Department, Financial Integrity and Customer Services Department, are now capable of monitoring and supervising forex transactions reported directly by all AD branches of banks across the country.
"Not only the departments concerned of the central bank, we have given the top officials of all commercial banks the user ID and password to monitor and supervise the forex dealings of their respective banks," added Nazneen Sultana.
"Even the governor can watch and supervise every minute's update of forex transactions," she added.