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Compliance with BB rules can streamline treasury operations

Concluding session of ICC-B workshop told

STAR BUSINESS REPORT
Commercial banks should conduct treasury operations in compliance with a guideline to ensure efficiency, uniformity and transparency in the foreign exchange transactions, said ICC Bangladesh Vice-president Latifur Rahman.
"A good market structure must embrace integrity and transparency. So, we applaud the work of the central bank on guidelines for trading and best practices on operations. There is no doubt that the foreign exchange transaction system and treasury management in Bangladesh is now better than before," he said speaking at the concluding session of a workshop organised by International Chamber of Commerce-Bangladesh (ICC-B) yesterday in Dhaka.
The workshop titled 'Foreign Exchange Transaction and Treasury Management' was held at the conference hall of Metropolitan Chamber of Commerce and Industry (MCCI) in the city. Tushar Gundecha, head of Foreign Exchange Sales, Citibank NA-India, also spoke at the concluding session.
Rahman appreciated the Bangladesh Bank operations for last few years, saying BB has substantially helped successful development of the country's banking sector.
Recent initiatives to encourage inflow of remittances through official channels have also paid substantial dividends. Bangladeshi expatriates are now sending their money back home using official channels. Measures to curb money laundering, strict central bank monitoring and easing the process of official channelling have also contributed to the enhanced remittance inflow, he added.
"Businesses are being increasingly exposed to stiff competition in the global trade. So, we need to be adequately equipped with the efficient and effective tools used in international trade transactions."
"You all know that, the growth and stability of the world economy depend on a reliable and efficient means of making payments, transferring funds, and determining the rate of exchange between currencies," Rahman observed.
He felt the banking institutions here need to play a very important role in this respect. Banks in Bangladesh faced problems in the efficient use of the international trade tools in the past. But things have started improving of late as bankers are attaching more importance to improving the skill of their officials engaged in foreign trade, he said.
Very recently Bangladesh Bank took an initiative to modify the Foreign Exchange Regulation Act, 1947, he mentioned.
Mentioning the importance of treasury functions over the past few years the vice president of the National Committee of the Parisbased World Business Organisation said risk mitigation, exposure management and the uses of hedging strategies are all now considered essential.
In recent years, he said, the world economy has been undergoing profound changes due to globalisation. "You are now probably working on a computer, which was produced in China using Japanese chips and an American operating system. You may be wearing a pair of trousers made in Taiwan, Italian sunglasses and a Swiss watch."
Perhaps tomorrow you will have a cup of Kenyan coffee with your lunch. You may drive a Korean or German car, use a Finnish phone or smoke Cuban cigars. This is a reality today, which has become possible due to globalisation, Rahman said.
Later, Rahman distributed certificates among 70 participants from different banks, leasing companies, TNCs, CA firms and large corporate houses who have attended the workshop.