BB changes policy to expedite repatriation of export proceeds

The Bangladesh Bank (BB) has taken up a new initiative to speed up the repatriation of export proceeds.

Under this new policy, exporters will receive payment based on the exchange rate at the time the earnings are brought into the country, rather than the rate at the time the earnings were due.

In a circular issued on Monday, the BB announced that exporters will now receive their earnings at the current exchange rate of Tk 117.5, even for older earnings.

This policy shift by the central bank comes in response to the failure of multiple initiatives over the past two years to encourage timely repatriation of export proceeds amid a dollar crunch.