Bangladesh Bank has approved a new facility allowing exporters to send shipping documents directly to foreign buyers for consignments worth up to $100,000, aiming to make it easier to do business in global markets.
In a circular issued on Monday, the central bank said authorised dealer (AD) banks may permit exporters to prepare shipping documents in the name of foreign importers or other authorised parties.
Under the new arrangement, exporters will be able to send these documents directly to the importer or their nominated party.
Officials at Bangladesh Bank said the move is intended to help exporters meet the demands of international buyers. Many foreign importers prefer shipping documents to be issued in their own name to facilitate faster clearance of goods.
At the same time, the circular includes safeguards to ensure timely repatriation of export proceeds. Banks have been instructed to verify that there is a valid export order for each shipment and to conduct due diligence on the foreign buyer.
Officials added that the decision would help exporters operate more efficiently in a competitive global market.
Exporters often have to comply with buyers’ conditions. The new facility is expected to provide greater flexibility while ensuring that export earnings are brought back to the country on time.