BB doubles advance payment limits against imports to simplify transactions

Bangladesh Bank (BB) has doubled the limits for advance payments against imports in a move to further simplify trade transactions.

"To further simplify trade transactions, it has been decided to enhance the aforesaid limits to US$20,000 and US$50,000 respectively," said a BB circular issued on Tuesday.

Previously, BB allowed advance payment up to $10,000 or equivalent without a repayment guarantee. In addition, an advance payment of up to $25,000 was permissible from Exporters' Retention Quota (ERQ) accounts.

The central bank noted that all other instructions in this regard shall remain unchanged.