In a move aimed at making international trade faster and more flexible, Bangladesh Bank has introduced a new facility allowing exporters to send shipping documents directly to foreign buyers for shipments worth up to $100,000.
The central bank’s Foreign Exchange Policy Department-1 issued a circular on Monday announcing the decision, which officials say will help simplify export procedures and support businesses operating in competitive global markets.
Faster document handling for exporters
Under the new directive, Authorised Dealer (AD) banks will be able to allow exporters to prepare shipping documents in the name of foreign importers or their designated parties. Exporters can then send those documents directly to the importers or their nominees abroad.
Previously, exporters generally had to route such documents through banks, a process that could take longer and sometimes delay the release of goods at destination ports.
Central bank officials said the change was introduced after many international buyers requested shipping documents to be issued directly in their own names so that they could clear goods more quickly upon arrival.
Boost to export competitiveness
Officials believe the measure will help Bangladeshi exporters respond more efficiently to buyer requirements and improve their competitiveness in global markets.
By reducing paperwork and shortening the document delivery process, exporters are expected to save time and avoid logistical complications that often arise in international shipments.
Safeguards to ensure export proceeds
Despite the new flexibility, the central bank has set several safeguards to protect export earnings.
Banks must verify that a valid export order exists for the shipment and carry out proper due diligence on the foreign buyer or consignee before allowing the arrangement. These steps are intended to ensure that export proceeds are repatriated to Bangladesh within the prescribed timeframe.
Positive response from businesses
Industry stakeholders have welcomed the decision, saying it will simplify export operations and better align Bangladesh’s trade procedures with international practices.
They say the facility will give exporters greater flexibility to meet buyer demands, while still maintaining regulatory oversight to safeguard foreign exchange earnings.
Trade insiders also expect the move to particularly benefit small and medium exporters, who often face tight delivery schedules and administrative hurdles in cross-border trade.