BB's auction platform resumes operation after a day's setback
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The market infrastructure module (MI Module), a key automated auction-trading platform of Bangladesh Bank, resumed function on Tuesday, following a full-day shutdown on the previous day.
Transactions between the central bank and 61 commercial banks of the country remained suspended on Monday, holding back an estimated transaction of around Tk 200 billion.
"This was simply because of technical glitches," Md Mezbaul Haque, an executive director and spokesperson of Bangladesh Bank, told the FE.
The module is to facilitate automated auction and trading of the government securities, repo, SLF (standing liquidity facility), ALSF (assured liquidity support facility), AR (assured repo), MLS (Mudarabah liquidity support) and IBLF (Islami Bank liquidity facility).
Another senior central banker said many repo transactions were suspended on Monday as the platform was fully dysfunctional.
"This is a serious matter and such occurrences also happened in the past," he added.
He informed the FE that the platform resumed operation on Tuesday, registering successful transactions of around Tk 190 billion.
He also said that the weekly auctions on the day (Tuesday), which also depend on the MI Module, were also successfully done.
On Tuesday, an auction of 10-year tenor bonds amounting to Tk 20 billion was held at the central bank.
A senior official at the Department of ICT Infrastructure Maintenance and Management said that the technical issues might have been created due to the ongoing network upgrading work.