Bangladesh Bank moves to ‘bring discipline’ in realisation of export proceeds

In cases of delayed realisation, banks shall apply prevailing exchange rate for encashment into taka but pay exporters at the rate on the date when the proceeds should have been realised

Staff Correspondentbdnews24.com
Published : 6 March 2023, 07:10 PM
Updated : 6 March 2023, 07:10 PM

The Bangladesh Bank has moved to “bring discipline” when export proceeds are not realised within the prescribed period.

In cases of delayed realisation, banks will apply the prevailing exchange rate for encashment into taka but pay exporters at the rate on the date when the proceeds should have been realised, the central bank said in a notice on Monday.

The decision will be applicable in case of adverse exchange rate difference between the due date and realised date during the period, said Sarwar Hossain, a spokesman for the central bank.

A central bank official said many exporters are seeking extensions without complying with the prescribed timeframe for bringing in their export earnings to take advantage of a higher dollar exchange rate.

This delay is further worsening the dollar crisis and negatively impacting the exchange rate, he said.