Dhaka, Feb. 15 -- Commercial banks will be allowed to deposit dollars and withdraw taka in an effort to meet their liquidity needs.

Bangladesh's central bank informed banks of this new 'currency swap' system on Thursday.

Under the system, banks can withdraw money for a minimum of seven days and a maximum of 90 by depositing dollars at the central bank. They can receive the same amount by paying the money again.

The exchange rate will be set according to the dollar rate on the day of withdrawal, which Bangladesh Bank calls the 'spot' rate.

The interest rate in dollars will be determined by the 90-day interest rate of the Secured Overnight Financing Rate, or SOFR.

The CME Group is authorised by the UK Financial Conduct Authority to dis...