In a move that would help allow exporters to make payment to back-to-back loans, export development funds and import liabilities, Bangladesh’s central bank, Bangladesh Bank, has allowed banks to retain the value-added portion of export proceeds in foreign currency for a maximum period of 30 days.
Media reports maintained this while adding according to a circular issued by the central bank’s Foreign Exchange Policy Department recently, exporters can at the same time also transfer the dollars to other banks within the prescribed time even if consequent to the new guidelines, exporters will be able to pay the import liabilities of other banks with their own foreign currency without exchange losses.
It may be mentioned here the previous policy required exporters to encash the value-added portion of export proceeds by the next working day itself even if the Bangladesh Bank on 3 August via a circular had extended the retention period to 15 days.
