United Commercial Bank (UCB)

Dhaka, Thursday

18 August 2022

Business Insider Bangladesh

BB makes encashment of export proceeds easy

BI Report || BusinessInsider

Published: 19:46, 3 August 2022   Update: 19:47, 3 August 2022
BB makes encashment of export proceeds easy

Bangladesh Bank headquarters is seen in Dhaka. Photo: File

Bangladesh Bank (BB) on Wednesday relaxed rules on the encashment of the value-added portion of repatriated export proceeds in order to bring flexibility to trade transactions.

“To bring flexibility in trade transactions, it has been decided that Authorized Dealers (ADs) may, on applications from exporters, retain the value-added portion of export proceeds in foreign exchange for a maximum period of 15 days,” as per a BB circular issued in Dhaka on Wednesday.

The fund so retained will be used through the same ADs for the settlement of other import obligations payable by same exporters within this period, the circular added.

In case of the fund remaining unused, the ADs will encash the same compulsorily in Taka just after expiry of 15 days. However, the unused fund can, on request from exporters, be encashed before this allowable time.

In this regard, other instructions will remain unchanged.