Dhaka, Nov 8 (bdnews24.com)—Bangladesh will achieve an extra one percent in GDP growth once the central bank's Automated Clearing House starts operating in full swing, the Bangladesh Bank governor said Sunday.
"After the revolutionary step of introducing internet-based e-commerce, Bangladesh Bank is going to set another milestone by launching an international standard secured payment system," Atiur Rahman said at a press conference marking the trial launch of the automated cheque clearing system.
He said, "A modern payment system plays a positive role for economic growth in any country."
Research demonstrates that some countries have been able to achieve an extra one percent economic growth after introducing such a system, said the central bank boss.
"Bangladesh will add an extra one percent too," he said.
The long-awaited Automated Clearing House will allow rapid electronic inter-bank cheque transfers within the country and automatic adjustment of accounts.
Rahman said the next step would be Electronic Fund Transfer for rapid worldwide inter-bank transactions.
For the present, inter-bank cheque clearing within Bangladesh is done manually, holding up vast volumes of business for days.
Under the new ACH system, a single machine will be capable of clearing at least 300 cheques in a minute, said Rahman, adding that two such machines have been installed at the central bank.
Deputy governor of Bangladesh Bank, Ziaul Hasan Siddiqui, said, "Under the present system, it takes three days for a cheque to clear within Dhaka."
"But when launched, the new system will clear a single cheque in a day in Dhaka."
"Outside Dhaka, it may take two or three days from the current 15 to 20 days," said Siddiqui.
"Most of the country's banks, along with Bangladesh Bank, have taken necessary steps to introduce the new system," said Rahman.
"Some banks are yet to complete their preparations. The procedure will come into operation in full swing once all the banks are ready."
State-run Janata Bank and the private Dutch-Bangla Bank and Eastern Bank launched trial ACH operations on Sunday.
The prime minister is expected to fully inaugurate the system within a few months, said the governor.
"The introduction of a modern cheque clearing system will pave the way for the present government's dream of a 'Digital Bangladesh'," he added.
The UK's Department for International Development provided ₤13.5 million to launch the project.
DfID resident representative Chris Austin and Bangladesh Bank executive director cum project director Chowdhury Mohidul Haq also spoke at the press conference.
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