Bangladesh Bank includes Chinese yuan in RTGS system

The yuan can be exchanged at the interbank level in the country beginning February 4 through a specialised online platform for rapid and large transactions, the central bank announced.

The bank started automated clearing operations in five foreign currencies—US dollar, pound sterling, euro, Japanese yen and Canadian dollar—in September 2022.

The RTGS service allows a bank to procure a large amount of a specific foreign currency from another bank in a maximum of 30 seconds.

There is, however, no limit on the amount of foreign currency that can be exchanged at one go, according to domestic media reports.

Commercial banks have to follow the guidelines for foreign exchange transaction while using RTGS services. A foreign currency account has to be opened first with clear specification of the account type, the central bank added.

ALCHEMPro News Desk (DS)