Bangladesh Bank has allowed authorised dealer banks to permit exporters to arrange transport documents for shipments worth up to $100,000 or its equivalent.
The central bank announced the decision in a circular issued on Monday to the managing directors of all scheduled banks.
Under the new provision, exporters may issue transport documents in the name of foreign importers or other designated parties.
The documents may also be sent directly to the importer or nominated party, provided a certificate is issued to the carrier company.
Bangladesh Bank said the facility includes safeguards to ensure the repatriation of export proceeds.
Exporters must give written consent before using the arrangement, while authorised dealer banks must ensure the repatriation of export earnings will not be affected before approving the facility.
Banks are required to monitor whether export proceeds are brought back to the country within the statutory period.
The circular said exporters with overdue export proceeds will not be eligible for the facility.
Banks must also obtain valid export orders and verify the authenticity of foreign importers or consignees in accordance with foreign exchange regulations.
The facility will only be available to exporters who have realised at least $1 million or its equivalent in aggregate export proceeds during the past three financial years.
Authorised dealer banks have been instructed to maintain due diligence to ensure compliance with applicable foreign exchange regulations.
