Exporters will now have the flexibility to receive the due rate of their export proceeds, even in cases of delayed encashment, instead of the prevailing exchange rate, a circular by Foreign Exchange Policy Department of the Bangladesh Bank has said on Monday.
As a result, exporters will have the chance to get due dollar rate, even if they choose to encash the export proceeds at a later time.
According to the circular, the decision might be revised if the dollar rate increases. On the other hand, if the dollar rate decreases, the exporter will receive the rate at the time the proceeds are received.
The circular advised Authorized Dealers (ADs) to inform their concerned customers about the new instructions.
The central bank observed in 2023 that exporters were delaying the return of export proceeds due to rising USD rates, waiting for the rate to increase so they could receive more USD.
This practice caused delays in the repatriation of export proceeds.
However, in last year, the Bangladesh Bank had issued a circular stating that if exporters delayed the return of export proceeds, they would receive the due rate instead of the prevailing rate at the time of encashment.
This measure was intended to discourage delays and ensure that proceeds are brought into the country in a timely manner.
