Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has relaxed foreign exchange regulations, allowing the banks to remit maximum US$5,000 import payment in advance without repayment guarantee, officials said.
“The central bank has liberalised its foreign exchange regime to facilitate some urgent import transactions,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He said the BB has also enhanced the limit of advance payments for import of books, journals or life-saving medicines from the existing level of $2,500 to $5000.
The central bank has issued a circular in this connection on Wednesday and asked the commercial banks to maintain the latest instructions relating to advance payment against urgent imports.
“The banks will have to be ensured that the applicant importers do not have bill of entry/ customs certified invoice pending for submission beyond the stipulated period of four months against any earlier remittance for imports,” the BB official explained.
He also said the banks will have to arrange for repatriation of the remittances made in advance in case the entry of goods into the country is not affected within the stipulated time.
BBN/SSR/AD-23Jan14-10:40 am (BST)
