Foreign Currency

Bangladesh Bank includes Chinese yuan in RTGS system


The Bangladesh Bank recently included the Chinese yuan in the real-time gross settlement (RTGS) system, in which there is a continuous and real-time settlement of fund-transfers, individually on a transaction-by-transaction basis.

The yuan can be exchanged at the interbank level in the country beginning February 4 through a specialised online platform for rapid and large transactions, the central bank announced.

The bank started automated clearing operations in five foreign currencies—US dollar, pound sterling, euro, Japanese yen and Canadian dollar—in September 2022.

The Bangladesh Bank has included in the real-time gross settlement system the Chinese yuan, which can be exchanged at the interbank level from February 4.
Automated clearing operations in US dollar, pound sterling, euro, Japanese yen and Canadian dollar began in September 2022.
There is no limit on the foreign currency amount that can be exchanged at one go.

The RTGS service allows a bank to procure a large amount of a specific foreign currency from another bank in a maximum of 30 seconds.

There is, however, no limit on the amount of foreign currency that can be exchanged at one go, according to domestic media reports.

Commercial banks have to follow the guidelines for foreign exchange transaction while using RTGS services. A foreign currency account has to be opened first with clear specification of the account type, the central bank added.

Fibre2Fashion News Desk (DS)






Source link

Leave a Response