Regulatory Alerts2025-01-14
Added
Simplification of operational modalities for inland letters of credit in foreign currencies
Authorized Dealers in Foreign Exchange in Bangladesh are instructed to simplify operational modalities for inland letters of credit in foreign currencies by avoiding conditions that cannot be met within the LC validity period and prohibiting the forwarding of documents to applicants for examination and acceptance. Advising or nominated Authorized Dealers must examine received documents and forward them directly to issuing Authorized Dealers for payment or collection without applicant intervention. Additionally, Authorized Dealers must introduce secure electronic platforms for LC communications and report information, including acceptances, to Bangladesh Bank via the online reporting system.
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