Bangladesh Bank has instructed banks to implement new rules that allow businesses to import goods using open-account arrangements, enabling greater payment flexibility without needing letters of credit (LCs). This follows the commerce ministry’s Import Policy Order (IPO) 2026-2029, which permits direct purchase and sale contracts without LCs, effective until December 31, 2029. The policy specifically supports export-oriented industries by enabling them to procure production inputs locally in local currency through back-to-back LC arrangements and free-of-cost (FOC) methods. The central bank has advised authorized dealer banks to adhere to this new order and relevant foreign exchange regulations for settling import transactions. This guidance aims to harmonize foreign exchange procedures, enhance trade flexibility, and support export-oriented industries in streamlined sourcing and payment. (ICE NEW DELHI)

Fonte notizia: The Daily Star