The online export monitoring system introduced at Bangladesh Bank has ensured fast realisation of export proceeds that helps drive the growth of foreign currency reserves, officials said yesterday.

The central bank launched the online monitoring system in November 2011, replacing the manual system.

The repatriated export value was $4.35 billion against the total export value of $4.630 billion until April, according to a monitoring report.

“The online export monitoring system software builds up a real-time centralised database which provides a clear picture of export receipts,” Governor Atiur Rahman said.

Bangladesh Bank used to analyse the overall export situation after getting the paper-based export information or data from different banks.

“It takes long time to get a real picture of export proceeds in the manual system," Rahman said.

“It's now a matter of a minute to get the export proceeds in the online system," he said.

In the online system, the BB receives export information from banks online through a series of checkpoints and analyse data to monitor exports.

Deputy Governor Nazneen Sultana said the online system enables the central bank to monitor the repatriated export value which is, in fact, helping increase the foreign currency reserve.

The Daily Star/Bangladesh/ 3rd May 2012