Dhaka: In a strategic initiative to enhance international trade efficiency, Bangladesh Bank has announced a significant policy change, allowing exporters to send shipping documents directly to foreign buyers for goods valued up to US $100,000. This move, revealed on Monday, aims to streamline export operations and provide greater flexibility for businesses engaged in global markets.
According to United News of Bangladesh, the Foreign Exchange Policy Department-1 of the central bank issued a circular detailing the new facility. This policy change enables Authorized Dealer (AD) banks to authorize exporters to prepare shipping documents in the name of foreign importers or their designated entities. Exporters can now directly dispatch these documents to the importers or their nominees, expediting the process of goods release at destination ports.
Central bank officials have highlighted that this decision aligns with the preferences of many foreign buyers who favor having shipping documents issued in their names to facilitate quicker clearance at ports. This flexibility is anticipated to enhance the competitiveness of Bangladeshi exporters by allowing them to meet international market demands more effectively.
To safeguard the security of export proceeds, the central bank has stipulated several conditions. Banks are required to verify the existence of a valid export order for the goods in question and conduct thorough due diligence on the identity of the foreign buyer or consignee.
Industry stakeholders have expressed their support for the new facility, noting that it simplifies global business operations. They believe that this policy change offers greater adaptability in fulfilling buyer requirements while ensuring that export earnings are repatriated within the designated timeframe.