Cenbank relaxes export proceeds encashment rules
From now on, the bank regulator would allow encashment of export proceeds at the prevailing exchange rate of foreign currencies in due time even if there is delay in realisation of proceeds, it said in a circular.
The central bank on Tuesday (31 October) relaxed rules regarding encashment of export proceeds in the local currency, taka, in a bid to encourage exporters to bring receipts.
From now on, the bank regulator would allow encashment of export proceeds at the prevailing exchange rate of foreign currencies in due time even if there is delay in realisation of proceeds, it said in a circular.
In March this year, the BB said banks would be able to offer prevailing exchange rates for dollars and other currencies in the case of realisation of export proceeds within four months or 120 days of the shipment of goods.
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"It has now been decided that delayed export proceeds are allowed to be encashed in the prevailing exchange rate. This flexibility shall remain valid till December 31, 2023," the BB said in the notice.
Md Sarwar Hossain, assistant spokesperson of BB, said the decision was taken to encourage exporters.
