Freight forwarders can open, maintain acount in US dollars

The central bank has decided that shipping lines, airlines and multimodal transport operators licensed as freight forwarders by Customs authorities can open and maintain accounts in USD or other freely convertible currencies with Authorised Dealer banks in Bangladesh. In a circular issued Monday, the Bangladesh Bank directed all Authorised Dealers of Foreign Exchange in Bangladesh to allow the shipping lines, airlines and multimodal transport operators licensed as freight forwarders by customs authorities to open and maintain accounts in USD or other freely convertible currencies, in which their receipts in foreign currency against their handling of FOB export cargos from Bangladesh will be credited. Funds from these accounts will be usable in foreign currency for payments abroad towards costs and charges relating to their handling FOB imports to Bangladesh. The circular mentioned that shipping lines/airlines/freight forwarders handling FOB export cargo from Bangladesh receive payments in foreign currency in settlement of costs incurred by them locally towards internal transportation, sea freight/air freight, and related other handling charges. Likewise, it said, they have to pay abroad in foreign currency for similar costs and charges incurred on FOB imports into Bangladesh. The decision has been taken to facilitate these payments in foreign currency for handling of FOB imports from their receipts in foreign currency against handling of FOB exports, the BB circular said, according to a news agency.