In a move to streamline international trade, Bangladesh Bank on Monday announced a new facility allowing exporters to send shipping documents directly to foreign buyers for goods valued up to US $100,000.
The Foreign Exchange Policy Department-1 of the central bank issued a circular in this regard today (Monday) aimed at bringing more speed and flexibility to global business operations.
According to the circular, Authorized Dealer (AD) banks can now permit exporters to prepare shipping documents in the name of foreign importers or their designated parties. Under this new arrangement, exporters are authorized to dispatch these documents directly to the importers or their nominees.
Central bank officials stated that the decision was made considering the demands of many foreign buyers who prefer shipping documents issued in their own names to expedite the release of goods at their ports.
This flexibility is expected to help Bangladeshi exporters stay competitive by meeting international market requirements more efficiently.
However, to ensure the security of export proceeds, the central bank has imposed certain conditions. Banks must verify that a valid export order exists for the relevant goods and must conduct proper due diligence regarding the identity of the foreign buyer or consignee.
Industry stakeholders have welcomed the move, noting that the new facility will simplify the process of doing business in the global market. They believe it offers greater flexibility in meeting buyer requirements while maintaining the necessary framework to ensure export earnings are repatriated within the stipulated timeframe.
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