All commercial banks in Bangladesh must report their foreign exchange (forex) transactions statements online from January to the central bank. Under the new system, a bank will have to report all types of its foreign exchange transactions, including inland bill purchase (IBP), to the Bangladesh Bank (BB) on a daily basis using the central bank’s web portal, said a BB circular issued on Monday. Currently, banks are allowed to submit various reports manually in physical paper formats.

The reporting entities however were asked to continue with the existing practice of submission of reports until further order.

The online reporting system will help check manipulative practices, frauds and scams, like Hallmark loan scam, said a BB official.

He also said the banks normally submit their reports relating to foreign exchange transactions on a monthly basis which makes it impossible for the BB to scrutinise the same properly. The central bank has taken different measures against the backdrop of rising trend of large-scale irregularities in purchasing and providing acceptance of the bills against local LC (letter of credit)-denominated foreign currency by various bank branches in recent months.

As part of the measures, the Foreign Exchange Operation Department of BB has already started monitoring export transactions through online reports submitted by the foreign exchange branches, officially known as authorised dealer (AD) branches of the banks. In addition to export transactions, the BB has developed an online reporting system for all types of cross-border foreign exchange transactions including foreign exchange transactions through inland back to back LCs, says the circular.

It has come to the notice of Bangladesh Bank that ADs are making inordinate delay in forwarding the applications for obtaining the approval on settlement of such payment, it also said.

“ADs are, therefore, advised to submit the applications to concerned offices of Bangladesh Bank for post facto approval within 15 days of the following month of effecting the payment,” said the circualr.

Currently, some 858 ADs of 47 scheduled banks are operating their businesses across the country.

News: The Daily Independent/Bangladesh/11th-Dec-12

 ADB has awarded three of its best performing project teams in Bangladesh in an effort to recognise efficient project implementation.

Country Director M. Teresa Kho presented the awards to the winning project teams at a ceremony in Dhaka on Sunday. Senior government officials, project directors of various ADB-assisted projects, members of the winning project teams, and ADB staff attended the ceremony.

The best project team recognition programme, initiated in 2001, is part of an ongoing effort by ADB to continuously improve the development effectiveness of the projects that ADB finances in Bangladesh.

The winning project teams are Dhaka Water Supply Sector Development Project executed by Dhaka Water Supply and Sewerage Authority (WASA); Participatory Small Scale Water Resources Sector Development Project executed by Local Government Engineering Department, and Secondary Education Sector Development Project executed by Directorate of Secondary and Higher Education.

“The awards recognised the project teams’ efficiency, results delivery, transparency in procurement, effective project implementation, efforts to empower women, and other criteria”, said Country Director M. Teresa Kho.

The Dhaka Water Supply Sector Development Project, with $202.5 million in ADB assistance, is helping to improve water supply services in Dhaka to promote better health and contribute to sustainable economic growth. Among other issues, the project is supporting rehabilitation and optimization of the water distribution network of the Dhaka WASA to minimize losses and allow for 24-hour pressurized water supply and assure water quality.

The Participatory Small Scale Water Resources Sector Development Project, with a $55 million ADB loan, is improving small scale water services to help cut rural poverty, improve food production, increase access to water, and address the adverse impacts of climate change. The project is improving flood management, drainage, water conservation, and irrigation, and developing water management cooperative associations – grassroots organizations responsible for the day-to-day operations and maintenance of small scale water services.

The Secondary Education Sector Development Project, which ADB is financing with $89.05 million, supports implementation of policy reforms, helps improve efficiency and quality of secondary education, while enhancing equitable and inclusive access including establishing schools in under-served areas. The Project also supports to improve sector governance, furnishes and equips schools, updates the curricula, and helps the government modernize the madrasah education.

News: The Daily Sun/Bangladesh/11th-Dec-12

Muhammed Ali, Managing Director of UCBL seen along with other senior officials of the bank at the managers' conference at the auditorium of Learning and Development Centre in Dhaka recently.

United Commercial Bank Limited organised managers' conference of Dhaka zone at the auditorium of Learning and Development Centre in Dhaka recently.

Muhammed Ali, Managing Director of UCBL presided over the conference, said a press release Sunday.

News: The Daily Sun/Bangladesh/11th-Dec-12

Zakir Ahmed Khan, advisor of Southeast Bank Limited, inaugurates the 90h branch of the bank at Dakhinkhan in Dhaka recently.

Southeast Bank Limited has expanded its branch network further by opening its 90h branch at Dakhinkhan in Dhaka recently.

Zakir Ahmed Khan, advisor of the bank formally inaugurated the branch as chief guest, said a press release Monday.

Shahid Hossain, Additional Managing Director, S M Mainuddin Chowdhury, Deputy Managing Director, Md. Syadul Haque, Head of Dakhin Khan Branch, Al-Hazz SM Tofazzal Hossain, local UP chairman, Nazrul Mia Islam Chairman, Nazco Group, renowned businessmen, industrialists, customers, educationists, and local elites were present.

From now on, all modern commercial banking services will be provided to the customers through this branch.

Besides, the hard-earned money of the Bangladeshi expatriates working abroad shall be handed over speedily to their beneficiaries at a competitive exchange rate through this branch.

News: The Daily Sun/Bangladesh/11th-Dec-12

KS Tabrez, Managing Director of DBBL, inaugurates the 124th branch of the bank at Wari in Dhaka Monday.

Dutch-Bangla Bank Limited (DBBL) opened its 124th branch at Wari in Dhaka Monday.

The new branch of the bank will provide on-line banking facilities to the clients of the area.

KS Tabrez, Managing Director of the bank formally inaugurated the branch, said a press release.

While speaking, KS Tabrez informed that the bank is providing a wide array of banking products and financial services including card services to its retail and corporate customers.

He further added the bank has started mobile banking operation, first of this kind in the country to reach banking services to the door steps of the millions of rural people.

Tabrez said DBBL serves over 2.3 million customers throughout the country and called upon the local people and business community to avail the most up-to-date on-line banking facilities by maintaining a bank account with DBBL.

People from all walks of lives visited the new branch throughout the day and showed their spontaneous enthusiasm by opening account with Dutch-Bangla Bank.

News: The Daily Sun/Bangladesh/11th-Dec-12