The Bangladesh Bank is going to introduce a software to bring all types of transactions on the call money market of the scheduled banks under a web-based monitoring system in a bid to check manipulation in the market, said officials of the central bank.
\nA BB official told New Age on Thursday that the central bank had already made the software and demonstrated it to the representatives of all banks on March 8.
\nThe BB asked the banks to send their suggestions to the central bank about different aspects of the software within April 30, he said.
\nHe hoped that the BB would be able to launch the software in the next two to three months.
\nAfter the inauguration of the software, all banks and non-bank financial institutions will conduct their call money-related transactions through the BB web-portal.
\nThe banks and the NBFIs will offer their interests rate both lending and borrowing through the web-portal while the interested banks and NBFIs can accept the offer online, the official said.
\nThe BB will be able to know the offer rate of interest by the banks from the web-portal on real time basis, he said.
\nA bank or a NBFI gives short-term loan to other banks and NBFIs through the call money market to meet up their immediate liquidity crisis.
\nThe interest rate at the call money market fluctuated between 12 per cent and 25 per cent most of the time in 2102, the BB official said.
\nUnder the circumstances, the BB imposed a ceiling on interest rate between 12 per cent and 14 per cent for the banks and the NBFIs respectively in order to stable the market, he said.
\nBut, the central bank received a number of allegations that the banks and the NBFIs imposed higher interest rate violating the BB ceiling, he said.
\nSuch type of manipulation will be decreased once the software is launched as the central bank will be able to monitor the transaction on real time basis, he said.
\n\u2018Besides, the banks and the NBFIs will make their transaction reporting through the web-portal instead of existing email system. So, the reporting system of the call money-related transaction will be eased,\u2019 he said.<\/p>\n

-With New Age<\/span> input<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bangladesh Bank is going to introduce a software to bring all types of transactions on the call money market of the scheduled banks under a web-based monitoring system in a bid to check manipulation in the market, said officials of the central bank. A BB official told New Age on Thursday that the central … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[1986,8259],"yoast_head":"\n