Bangladesh Bank asks banks to report overdue export proceeds to OEMS

The central bank introduced the FX Dashboard to digitise foreign exchange transaction monitoring and management, eliminating the need for hard copy document submissions.

This shift aims to streamline trade operations, facilitate paperless processes, and improve business efficiency.

Through the FX Dashboard, banks can regularly report foreign exchange transactions, enabling Bangladesh Bank to monitor them effectively.

Consequently, banks no longer need to submit physical copies of documents such as monthly statements of outstanding export bills, export proceed realisation certificates for direct exports, and statements of remittance of export claims.

The circular emphasises the importance of uploading overdue export proceeds data to the OEMS, specifying required details like reasons for overdue status, efforts made to recover export proceeds, and litigation status if applicable.

This move enhances transparency and accountability in export-related transactions.

Overall, the transition to digital reporting systems aligns with BB’s objective of modernising financial processes, reducing paperwork, and enhancing the ease of doing business in the country.

Fibre2Fashion News Desk (DR)