Dhaka, Feb. 24 -- Commercial banks of Bangladesh demand introduction of intraday liquidity facility (ILF) as a quick-fix substitute for them to avoid likely payment gridlock following the phasing out of existing repo facility.

Treasury heads of the commercial placed the demand Monday at a meeting with the monetary policy unit of Bangladesh Bank (BB), the country's central bank, which plans to discard 28-day-tenure liquidity support against repo facility, meeting-insiders said

Intraday Liquidity Facility or ILF is an instrument of providing funds to a bank by the central bank for the duration of a business day against securities provided as collateral by

the bank.

To meet one of IMF conditions binding its $4.70-billion lending package ...