In a move that is expected to increase the supply of the US dollar in the foreign currency market, Bangladesh’s central bank – Bangladesh Bank has tightened the rules to ensure that the exporters realise their export proceeds within the stipulated period.
This is as per reports which maintained that Bangladesh Bank in a notice issued recently underlined that in order to bring discipline in the realisation of export proceeds, it has been decided to initiate appropriate measures in cases where export proceeds are not realised within the stipulated time period even as it added exporters were asked to realise their export proceeds within a time period of four months, in 2018.
Now, as per the instruction of the central bank, banks will apply the prevailing exchange rate for encashment into the Taka cases of delayed realisation even as the banks will make payments to exporters applying the rate on the date at which the proceeds should have been realised even if some reports claimed that there is a tendency among a group of exporters to sell their export proceeds when they get a better rate of the US dollar, which reportedly creates indiscipline in the foreign exchange market.
