Dhaka: Bangladesh Bank (BB) has taken a significant step to facilitate trade transactions by doubling the advance payment limits against imports. This decision aims to streamline the process for businesses involved in international trade.
According to Bangladesh Sangbad Sangstha, the central bank issued a circular today announcing the new limits. Previously, importers could make advance payments of up to $10,000 or its equivalent without requiring a repayment guarantee. Additionally, payments up to $25,000 were allowed from Exporters’ Retention Quota (ERQ) accounts. The revised limits now allow for advance payments of $20,000 and $50,000, respectively.
The Bangladesh Bank emphasized that all other existing instructions related to this matter will remain unchanged. This move is part of the central bank’s ongoing efforts to simplify trade transactions and support the country’s import sector.