Banks must send LC info to BB dashboard within 8 hours

Bangladesh Bank logo

Dhaka, July 31 - Bangladesh Bank (BB) has directed banks to enter data on the issuance of import LCs and export LCs to the Foreign Exchange Dashboard of the central bank within eight hours of receiving the letter of credit (LC).

The central bank asked banks to enter data on receiving any foreign currency payment for import or proceeds of export products on the dashboard within eight hours, according to a circular issued on Wednesday.

The central bank in the circular said wrong information and delayed reporting on the central bank dashboard of foreign exchange create various problems in maintaining the balance of payment.

The central bank has given this directive to get accurate export and import data information within a short time, it said. - UNB