News Watch (16-04-2018)

Subsidiaries also can keep export proceeds in forex

The subsidiaries or sister concerns of exporters also will, from now on, be able to retain export proceeds in foreign currency for a period of 30 days to settle their import payments due within the time. The Bangladesh Bank (BB) issued a circular to this effect on Sunday. "To bring further ease in utilisation of the fund retained for 30 days, it has been decided that unencumbered balances held in the pool shall, at the request of exporters within the stipulated time, be useable to meet import payments of exporters' subsidiaries/sister concerns," said the BB circular. Earlier, the exporters were allowed to avail such a facility under the Guidelines for Foreign Exchange Transactions (GFET) 2018, Vol-1. — FE Report