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The Financial Express

BB to launch automated platform for inter-bank money market trading by March 31

| Updated: February 16, 2021 10:26:19


The Bangladesh Bank seal is pictured on the wall outside the central bank headquarters in Motijheel, the bustling commercial hub in capital Dhaka — UNB/Files The Bangladesh Bank seal is pictured on the wall outside the central bank headquarters in Motijheel, the bustling commercial hub in capital Dhaka — UNB/Files

The central bank is set to introduce an automated trading platform for the country's interbank money market before March 31 to boost its monitoring and supervision on the market, officials said.

Conventional banks and non-banking financial institutions (NBFIs) will be allowed to trade different interbank money market products including call money by using the platform -Electronic Dealing System for lnterbank Money Market (EDSMoney) - instead of the existing over-the-counter (OTC) system.

The Bangladesh Bank (BB) officials are scheduled to meet the treasury heads of all the conventional banks today (Monday) at its headquarters in Dhaka to discuss different functions of the platform.

In the meeting, the BB is likely to announce a roadmap to make the real-time automated platform fully operational within the deadline, according to the officials.

"The EDSMoney will help increase flow of liquidity in the market," a senior official told the FE on Sunday while replying to a query.

He also said the central bank would also meet the treasury heads of the conventional NBFIs by the end of this month.

A high-powered committee of the central bank, headed by its executive director Mosharraf Hossain Khan, earlier recommended launching the platform by March 31, 2021.

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