• Tuesday, Nov 24, 2020
  • Last Update : 11:56 pm

Small relief for exporters as BB extends timeframe to receive proceeds from abroad

  • Published at 11:32 pm November 18th, 2020
export container
Photo: BIGSTOCK

Until now, they had four months or 120 days to receive the sum from abroad

Bangladesh Bank on Wednesday allowed all exporters an additional 90 days to realise their export proceeds keeping in mind the cash crunch many of the counterparties are facing thanks to the global coronavirus pandemic.

Until now, they had four months or 120 days to receive the sum from abroad. Had the amount not arrived in by then, they were classified as defaulters, which went on to affect their eligibility for credit in future.

Now, they have 210 days to receive the payment, a facility which the central bank had extended to garment exporters earlier in July 23. 

The policy waiver would remain valid until March 31 next year, as per the BB notice.  

In the first four months of fiscal 2020-21, overseas shipments fetched $12.8 billion, down 0.94 per cent from a year earlier, according to data from the Export Promotion Bureau.

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