BB asks banks to repatriate export proceeds on time

Bangladesh Bank asked commercial banks to take necessary measures to accelerate repatriation of their export proceeds to help meet the growing demand of foreign exchanges in the market. Foreign Exchange Policy Department of Bangladesh Bank issued a circular on Tuesday to the authorized dealers of the banks. The central bank directed the banks to comply strictly with regulatory instructions about executing export transactions to realise export proceeds within the prescribed four months period. According to the circular, the permissible period for repatriation of export proceeds against exports to Export Processing Zones and Economic Zones through land routes would be countable from the date of on-board land transport specified in transport receipt. The authorized dealers of banks will report this date of transport as date of shipment in Bangladesh Bank’s online export reporting module. If the receipt of the full proceeds of any shipment is delayed beyond this period without a special or general authorisation from the central bank, an exporter is liable to action under the guidelines for foreign exchange transactions in 2009.