Bangladesh Bank issues master circular to simplify import procedures

Bangladesh Bank has issued a master circular consolidating all existing instructions on import transactions into a single document.

The move is expected to make import-related policies clearer and simpler for all parties involved.

The master circular, which was issued on Thursday, August 14, will remain in effect for one year. It provides comprehensive guidelines on various aspects of importing, including ‘Letters of Credit (LCs)’, remittances, imports under purchase agreements, supplier and buyer credit, e-delivery of software, domestic LCs in foreign currency, and imports for special economic zones like EPZs, Hi-Tech Parks, as well as for gold, silver, and jewelry.

This initiative follows a similar master circular issued by the central bank last month for the export sector.

Stakeholders have welcomed the new circular for the import sector, stating that it will make it easier for both importers and banks to understand the policies. They also believe it will enhance the alignment of the country’s policies with international trade standards.

Business leaders have expressed hope that similar master circulars will be issued in the future for areas like foreign loans, Foreign Direct Investment (FDI), overseas investments, and foreign currency accounts. They believe this would further increase the transparency and ease of international transactions.

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