Exporters allowed to send shipping documents directly to buyers to speed up business
Bangladesh Bank has allowed exporters to send transport or shipping documents directly to foreign buyers for exports worth up to $100,000, aiming to facilitate trade in the global buyers' market.
In a circular issued on today (16 March), the central bank said Authorised Dealer (AD) banks may permit 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.
Under the new arrangement, exporters will also be able to dispatch those documents directly to the importers or their nominated parties.
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Officials said the measure has been introduced to help exporters meet the requirements of international buyers, as many overseas importers prefer documents to be issued in their own name and sent directly to them to speed up 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.
The circular also says banks must ensure there are valid export orders for such shipments and verify the genuineness of the foreign buyers or consignees before allowing the facility.
Business insiders have welcomed the move, saying the decision will help exporters conduct trade more smoothly in a competitive global market.
They noted that 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.
