Banks will now be able to save the export value received in advance in foreign currency. On Monday (14 March), Bangladesh Bank issued a circular in this regard. Till now, the export revenue received in advance had to be cashed in Taka.
The new directive, sent to authorized dealer (AD) banks, states that advance export value can be saved in foreign currency. It can also be used to repay back-to-back import bonds (LCs) with the foreign exchange reserves.
In a circular issued by the Foreign Exchange and Policy Department of Bangladesh Bank, it has been stated that in case of payment of import duty other than back-to-back import bonds, the foreign currency received in advance can be kept for 30 days.
