Bangladesh Bank has allowed authorised dealers to facilitate outward remittances for lease rentals on ships and vessels operated by shipping companies incorporated in Bangladesh, in a move aimed at strengthening the country’s maritime sector.
The central bank issued a circular on Thursday stating that authorised dealers (AD) may effect such remittances in line with existing foreign exchange regulations applicable to payments against aircraft leasing.
The policy is intended to support the development of ocean-going shipping capacity under Bangladeshi ownership. Earlier, the facility was limited to aircraft leasing by local companies, and the latest instruction extends the framework to the shipping sector for the first time under the same regulatory structure.
Under the circular, authorised dealers have been instructed to ensure that applicant companies comply with specific conditions before processing any outward remittance.
Firstly, the shipping company must obtain necessary permission or approval from the competent authority for the operation of leased ships or vessels. Secondly, the company must comply with regulatory requirements, including the regular submission of returns to Bangladesh Bank and repatriation of surplus earnings.
Industry insiders have welcomed the initiative, saying the policy will facilitate the expansion of Bangladeshi-operated ocean-going vessels. They expect it to enhance participation in international shipping and contribute to foreign currency earnings while reducing dependency on foreign vessels and saving valuable foreign exchange.
The latest move reflects Bangladesh Bank’s continued efforts to align foreign exchange regulations with sectoral development goals and promote sustainable growth in key industries.
