Wednesday, 25 May, 2022
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BB allows banks to retain advance export proceeds for 30 days

BB allows banks to retain advance export proceeds for 30 days

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Bangladesh Bank (BB) has allowed the authorised dealer banks to retain export proceeds received in advance in dollar for 30 days for settling payment for the materials imported by the exporters under back to back letter of credits (LCs).

After that period, the banks will convert the foreign currency into taka and transfer it to the exporters' accounts, said a BB circular said on Monday, reports BSS.

Earlier, the banks converted the foreign buyers' advance payments into taka and transferred it to the exporters' accounts.