Exporters cannot transfer value-added portion of earnings to other banks: BB

 
If an exporter fails to convert the proceeds within the time limit, the receiver bank will open an account under the exporter's name and keep the money in that account.Bangladesh Bank (BB) has barred businesses from transferring the value-added portion of export proceeds to other banks in a bid to bring discipline to foreign exchange transactions. 

Speaking to The Asian Age on condition of anonymity, a senior official of the central bank said the new orders have been given as some exporters transfer the export proceeds from the receiver bank to another, which pays a higher dollar rate. This results in the receiver bank losing out on the foreign currency and creating instability in the market.

Besides, exporters can now retain the value-added portion of export proceeds for a maximum period of 30 days in the receiver bank, according to a circular issued by the central bank's Foreign Exchange Policy Department on Monday (4 September).

Exporters can use the proceeds to make payment of back-to-back loans, export development funds and import liabilities through the receiver bank.
If an exporter fails to convert the proceeds within the time limit, the receiver bank will open an account under the exporter's name and keep the money in that account.