BUILD lauds central bank for easing forex regulations on trade

The Business Initiative Leading Development (BUILD) has praised the Bangladesh Bank for its steps towards easing foreign exchange regulations on trade transactions for all exporters.

Previously on Wednesday, the central bank issued a circular which said that all exporters, irrespective of their sectors, will be allowed a maximum 210 days to bring their export proceeds into the country, considering the impact of Covid-19.

The extension will remain effective until March next year. Earlier, in another circular on July 23, only exporters of readymade garments and textile sectors were given the opportunity to avail the facility.

In the 7th Financial Sector Development Working Committee (FSDWC) meeting of BUILD held on August 7 last year, a study named Financing Schemes and Available Credit Facilities for Export Competitiveness of Bangladesh was presented, reads a press release.

study focused on creating a level playing field for all the exporters of the country to strengthen the competitiveness of export-oriented private sectors. In it, BUILD suggested a specific recommendation to ease the trade process and assist exporters through stimulus packages.

Exporters have been facing problems in repatriating their proceeds on time amid the ongoing pandemic.

foreign buyers have reportedly become unable to make their payments against imported items from Bangladesh, the release adds. Non-RMG exporters, as a result, are facing problems to realise the export proceeds.

BUILD, a platform for public-private dialogue between the government and trade and industry, believes extending the tenure of realisation on export proceeds up to March 2021 for all sectors will help exporters recover.