Finance
Payment Systems Govt keeping an eye on Hong Kong-Singapore payment system
Own Correspondent, Dhaka, May 31: To save dollars, the government plans to add new payment systems from Hong Kong and Singapore, outside SWIFT (Society for Worldwide Interbank Financial Telecommunications). Bangladesh Bank has been instructed to take necessary steps after examining the new payment system introduced by the two countries.
In a press briefing at the Secretariat after the cabinet meeting chaired by Prime Minister Sheikh Hasina on Monday (May 30), Cabinet Secretary Khandaker Anwarul Islam outlined the government's plans for the new payment system introduced in Hong Kong and Singapore. The cabinet meeting was held at the Prime Minister's Office.
"We have received some information that Hong Kong and Singapore have developed new payment systems outside of SWIFT, which is much more comfortable. They have been asked to explore these," the cabinet secretary said.
When asked by reporters about the new payment systems, he said the Governor of Bangladesh Bank was there (at the meeting). He is already sitting with these. He has been given a few days.
The cabinet secretary said they were bringing 4-5 billion dollars in funding from Hong Kong. Not just for Bangladesh, they say if you come to an agreement with us, when you open the LC, we will pay the producer at a very low rate of interest as opposed to that LC.
"Then when you export, you can pay me in cash, or if you export ... these are very convenient for garments. When you export, the money I have for your export payment will go to me, and your access money will go to your country. Then the dollar intake remained."
Khandaker Anwarul Islam further said that some such facilities are also being offered from Singapore. Bangladesh Bank is already working on it.
