Plea to set up forex clearing house in Ctg

Dhaka,  Monday,   2016-09-23
Published : 23 Sep 2016, 00:23:07

Plea to set up forex clearing house in Ctg

Our Correspondent


CHITTAGONG, Sep 22: Chittagong Metropolitan Chamber of Commerce and Industry (CMCCI) has urged the central bank to set up a foreign exchange draft clearing house in the southeastern port city.

In an urgent letter to the Governor of Bangladesh Bank (BB), the CMCCI said businesses are suffering a lot as the scheduled banks take several days or a week to get the drafts cleared from the central bank's head office in Dhaka by sending the documents there through courier service.

"After getting clearance from the BB head office, advices on foreign currency drafts are sent back to Chittagong while those drafts could have been cleared on the same day had the clearing house been opened in the commercial capital," said the statement signed by CMCCI vice president AM Mahbub Chowdhury.

 He said that Chittagong is one of the busiest industrial and commercial cities of the country. The businesses suffer a lot as scheduled banks send their foreign currency drafts to their Dhaka office but these reach there after three to four days in case of two days of weekly holiday.

After receiving the drafts, the banks send those to clearing house and banks in Chittagong receive the advices after five days even if these are sent promptly without delay.

Then the advices are deposited to the account of the concerned party, and through this lengthy process the businesses have to pay undue interest and other expenditures, which are not at all a business-friendly transaction system.

Under the above circumstances, the CMCCI suggested setting up of a clearing house for foreign currency drafts in Chittagong for providing prompt service to expedite export and import of the country.

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