BB, BRAC Bank run awareness programme on FX clearing through RTGS

Bangladesh Bank and BRAC Bank jointly organized an awareness programme about Automated Foreign Currency (FC) Clearing through RTGS System.

Bangladesh Bank initiated the session by presenting key features of automated FC clearing in the RTGS system and exchanging views with the customers who avail of the RTGS transaction service and bankers who cater the service, according to a press release.  

Md. Mezbaul Haque, Executive Director, Bangladesh Bank, was the chief guest at the programme held at Gulshan Shooting Club in Dhaka on 5 February. Selim RF Hussain, Managing Director & CEO, BRAC Bank; Md. Motasem Billah, Director, Payment Systems Department, Bangladesh Bank; Md. Sabbir Hossain, Deputy Managing Director & COO, BRAC Bank; representatives from sixty different banks and their clients were also present along with other BRAC Bank officials and its clients.

Md. Khairul Anam, Additional Director, Payment Systems Department, Bangladesh Bank, made a presentation on Foreign Currency (FC) Clearing through Real Time Gross Settlement (RTGS). Md. Muniruzzaman Molla, Head of Operations, and Jabedul Alam, Head of Transaction Banking, BRAC Bank, made a presentation about RTGS service at BRAC Bank and the bank’s internet banking solutions for corporate customers – CorpNet. Abu Taher Mridha, Head of Payments & Transactions, BRAC Bank, was also present.

At the programme, senior officials of Bangladesh Bank and BRAC Bank addressed queries of the customers and the RTGS managers of different banks regarding the operation of RTGS system.

Bangladesh Bank introduced Automated FC Clearing through RTGS System from September 4, 2022 replacing a paper-based system, which required the physical movement of instruments and officials, resulting in higher transaction costs and inconvenience. Automated FC Clearing through RTGS System allows the real-time interbank transfer of the US Dollar, Great Britain Pound, Euro, Canadian Dollar and Japanese Yen.

Welcoming the payment automation initiative of Bangladesh Bank, Selim RF Hussainsaid: “The launch of RTGS System is a significant step towards digitalization of payment system in Bangladesh. The initiative complements the Digital Bangladesh vision of the government. We thank Bangladesh Bank for introducing foreign currency clearing through RTGS, enabling a safe, cost-saving, time-saving, and efficient interbank payment system. It opens up a new horizon in the payment ecosystem, facilitating instant settlement of large value and time-critical payments. It will bring speed and vigour to trade and commerce and contribute to economic growth.”

Apart from this event in Dhaka, earlier Bangladesh Bank organized an awareness programme in divisional cities, including Rajshahi, Chattogram, Khulna and Sylhet.