Bangladesh Bank allows exporters to send docs directly to buyers

The Bangladesh Bank (BB) has allowed exporters to send transport or shipping documents directly to foreign buyers for export consignments worth up to $100,000, aiming to facilitate foreign trade.

Authorised Dealer (AD) banks will allow exporters to arrange transport documents in the name of foreign importers or other designated parties for shipments valued at up to $100,000 or the equivalent, according to a notification issued by the central bank on Monday.

Under the new arrangement, exporters will also be able to dispatch those documents directly to the importers or their nominated parties.

Officials at the central bank said the latest measure aims to help exporters meet the requirements of international buyers, many of whom prefer shipping documents to be issued in their own names and sent directly to them to expedite the release of goods.

At the same time, the central bank has put in place safeguards to ensure that export earnings are repatriated to the country on time, they added.

However, banks will have to ensure there are valid export orders for such shipments and verify the genuineness of the foreign buyers or consignees before allowing the facility, the notification added.

Business insiders have welcomed the move, saying the decision will help exporters conduct trade more smoothly in a competitive global market.

Exporters often need to comply with buyers' conditions, and the new facility will provide greater flexibility while maintaining safeguards to ensure the repatriation of export earnings, they noted.

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