Bangladesh Bank relaxes regulations to promote small exporters

The decision is aimed at further facilitating smooth receipt of small-value export proceeds arising from cross-border e-commerce transactions.

According to a circular from the central bank, this facilitation applies specifically to the export of goods up to $1,000 or equivalent without the requirement of declaration on the export form, domestic media outlets reported.

The bank has set forth several mandatory conditions for MFSPs and PSPs engaging in this service. For example, these should conduct due diligence before on-boarding any e-commerce exporters. These should credit the customers’ accounts upon electronic receipt of the bill of export from exporters.

The funds utilised for these credits must be drawn from the settlement accounts that the MFSPs and PSPs maintained with nominated authorised dealers, who are responsible for facilitating the transactions as per the terms of reference.

Fibre2Fashion News Desk (DS)