Economic reporter :
Business Initiative Leading Development (BUILD), a platform for public-private dialogue between Government on the one hand and trade and industry on the other, praised Bangladesh Bank’s steps towards easing foreign exchange regulations on trade transactions for the exporters of the country.
Bangladesh Bank via FE Circular No. 49 on November 18, 2020 said that all exporters irrespective of the sectors will be allowed a maximum 210 days to bring their export proceeds into the country due to the inauspicious impact in the wake COVID-19.
The extension will remain effective until March next year. In the earlier circular (FE Circular No. 30) on July 23, 2020, only exporters of ready-made garments and textile sectors were given opportunity to avail the facility.
In the 7th Financial Sector Development Working Committee (FSDWC) meeting of BUILD held on 7 August, 2019, a study named ‘Financing Schemes and Available Credit Facilities for Export Competitiveness of Bangladesh’ was presented.
The study focused on creating level playing field for all the exporters of the country to strengthen the competitiveness of the export oriented private sectors.
In the study, BUILD suggested a specific recommendation to ease trade process and assist the exporters through stimulus package.
Exporters have been facing problems in repatriating their export proceeds on time in the ongoing pandemic. Several foreign buyers reportedly become unable to make their payments against imported items from Bangladesh. The non-RMG exporters, as a result, are facing problems to realize the export proceeds.
It is believed the extension of the tenure of realization of export proceeds up to March 2021 for all sectors will help the exporters of the country to revive amid the COVID-19 induced crisis.
Business Initiative Leading Development (BUILD), a platform for public-private dialogue between Government on the one hand and trade and industry on the other, praised Bangladesh Bank’s steps towards easing foreign exchange regulations on trade transactions for the exporters of the country.
Bangladesh Bank via FE Circular No. 49 on November 18, 2020 said that all exporters irrespective of the sectors will be allowed a maximum 210 days to bring their export proceeds into the country due to the inauspicious impact in the wake COVID-19.
The extension will remain effective until March next year. In the earlier circular (FE Circular No. 30) on July 23, 2020, only exporters of ready-made garments and textile sectors were given opportunity to avail the facility.
In the 7th Financial Sector Development Working Committee (FSDWC) meeting of BUILD held on 7 August, 2019, a study named ‘Financing Schemes and Available Credit Facilities for Export Competitiveness of Bangladesh’ was presented.
The study focused on creating level playing field for all the exporters of the country to strengthen the competitiveness of the export oriented private sectors.
In the study, BUILD suggested a specific recommendation to ease trade process and assist the exporters through stimulus package.
Exporters have been facing problems in repatriating their export proceeds on time in the ongoing pandemic. Several foreign buyers reportedly become unable to make their payments against imported items from Bangladesh. The non-RMG exporters, as a result, are facing problems to realize the export proceeds.
It is believed the extension of the tenure of realization of export proceeds up to March 2021 for all sectors will help the exporters of the country to revive amid the COVID-19 induced crisis.
