Bangladesh Bank (BB) on Monday announced a new scheme to streamline international trade, allowing exporters to send shipping documents directly to foreign buyers for consignments valued up to $100,000. The measure is designed to simplify export procedures and enhance efficiency in cross-border transactions.
The Foreign Exchange Policy Department-1 of Bangladesh Bank issued the circular to streamline export procedures. According to officials, the measure is expected to simplify documentation requirements and provide greater support to businesses competing in international markets.
As per the circular, Authorized Dealer (AD) banks are now permitted to allow exporters to prepare shipping documents in the name of foreign importers or their designated representatives. Under this revised framework, exporters may dispatch these documents directly to the importers or their nominees.
Central bank officials said the decision was taken in response to requests from numerous foreign buyers who prefer shipping documents issued in their own names, as this expedites the clearance of goods at destination ports.
This flexibility is anticipated to enable Bangladeshi exporters to remain competitive by meeting international market requirements more effectively.
To safeguard export earnings, the central bank has introduced specific conditions. Banks are required to confirm that a valid export order exists for the goods and carry out thorough due diligence to verify the identity of the foreign buyer or consignee.
These measures ensure export earnings are returned to Bangladesh within the stipulated timeframe. Industry representatives have welcomed the move, noting that it will simplify export operations and bring Bangladesh’s trade practices closer to international standards. They emphasize that the arrangement will offer exporters more flexibility to meet buyer requirements while maintaining regulatory oversight to protect foreign exchange inflows.
Experts also anticipate the initiative will particularly support small and medium-sized exporters, who often contend with tight delivery deadlines and administrative challenges in cross-border transactions.
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