BB's digital platform to help ease foreign currency transactions
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Dhaka, Sept. 25 -- With the launch of Bangladesh Bank's new platform for foreign exchange transactions- the real-time gross settlement (RTGS) system, not only does it help reduce cost and time but also enables businessmen's credit is no longer be stuck in banks.
Banks now clear and settle five currencies which are the dollar, pound sterling, euro, Canadian dollar and the Japanese yen through this platform which takes a few seconds by charging a minimum amount.
Bangladesh deals with $300 million worth of foreign demand drafts of businesses on average every day.
Earlier, these foreign currencies were settled in the traditional "paper-pen" transaction system.
If the foreign demand drafts unexpectedly got lost, banks had to lodge cases wi...
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