BB to introduce automated cheque clearing system

The Bangladesh Bank (BB) is introducing an automated cheque clearing system in its clearing house to quicken the process and boost transactions in commercial banks.

BB officials said the move is a part of its on-going Central Bank Strengthening Project (CBSP), which is due to be completed by 2007.

Under the existing system, for any cheque to be cleared through the clearing house of the central bank, it needs at least two working days.

The central bank has already allowed banks to use floppy disk