FEOD Circular No. 03: Instructions regarding accurate, complete and timely reporting in the Foreign Exchange Dashboard

Foreign Exchange Operations Department Bangladesh Bank Head Office Dhaka

FEOD Circular No. 03 Date: 16 Srabon, 1431 31 July, 2024

Managing Director / Chief Executive Officer All Scheduled Banks of Bangladesh.

Context for ensuring accurate, complete and timely reporting in the Foreign Exchange Dashboard.

1. In light of the Guidelines for Foreign Exchange Transactions, 2018 and the instructions contained in circulars and circular letters issued from time to time by Bangladesh Bank, authorized dealers and scheduled banks are instructed to report domestic currency transactions regularly in the Foreign Exchange Dashboard. However, errors and delayed reporting in the Dashboard are causing various problems for Bangladesh Bank in the balance of payments accounting and in formulating and implementing monetary policy.

2. In this context, the following instructions are given to ensure accurate, complete and timely reporting in the Foreign Exchange Dashboard:

a) Providing information in the Dashboard within 8 (eight) hours of the establishment of contracts/LCs in the case of imports, receipt of contracts/LCs in the case of exports, and any payment or receipt in foreign currency;

b) Providing accurate and complete information in the templates specified in various modules of the Dashboard;

c) Providing import-related information mentioned in FE Circular Letter No. 10, dated: 18 September, 2023 and FE Circular No. FEPI(Import Policy)123/2014-07, dated: 05 May, 2014, in the templates specified in the Dashboard;

d) Establishing monitoring mechanisms through the concerned departments of the bank's head office for monitoring Dashboard reporting.

3. All circulars, circular letters and other instructions previously issued regarding reporting in the Foreign Exchange Dashboard shall remain in force and their compliance must be ensured.

4. In addition, the information, details, documents, etc. requested by Bangladesh Bank regarding foreign exchange must be sent within the specified time after ensuring accuracy.

5. These instructions are issued under the powers vested in Section 20(3) of the Foreign Exchange Regulation Act, 1947 and Section 45(1)(g) of the Bank Company Act, 1991. The instructions contained in this circular shall take immediate effect.

Yours faithfully,

(Md. Bayezid Sarker) Director (FEOD) Phone: 9530127