Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has relaxed foreign exchange regulations allowing the shipping lines to issue bills of lading to the name of importers after receiving advance payment.

The shipping lines earlier issued such bills to the name of banks concerned, officials said.

Under the relaxations, authorized dealers (ADs) in foreign exchange banks will issue a certificate to the exporter in the prescribed form to be produced to the carrier company, enabling them to draw the shipping documents accordingly.

The Bangladesh Bank (BB), the country’s central bank, issued a circular in this connection on Wednesday and asked the all ADs banks to follow the latest regulations properly.

The BB in its circular said: “It has now been decided that ADs may allow carrier companies to draw railway receipts, bills of lading, airway bills and other documents of title to cargo to the order of importer or other designated parties as per stipulations of export letter of credit/valid sales contract only if the shipment is made against full payment received in advance through normal banking channel.”

Talking to the BBN, a senior central banker said the BB has relaxed the regulations to facilitate the country’s foreign trade.

The central bank had earlier allowed shipping lines, air lines and multimodal transport operators to open and maintain foreign currencies accounts with the banks on the same ground.

BBN/SSR/AD