BB issues consolidated foreign exchange regulations for import transactions

 
Bangladesh Bank (BB) on Thursday issued a consolidated circular bringing together the latest foreign exchange regulations governing import transactions, replacing the previous consolidated instructions issued in August 2025.
To this end, the Foreign Exchange Policy Department-1 (FEPD-1) issued the circular.
The central bank said the new circular incorporates subsequent instructions issued after the previous consolidated circular and brings them together in one place.
Previous instructions will stand repealed, except for reporting instructions contained in the Guidelines for Foreign Exchange Transactions (GFET), Volume-2, says BSS report. 
Under the new framework, Authorized Dealer (AD) banks will have to report all permissible import transactions to Bangladesh Bank's Online Import Monitoring System (OIMS) on a daily or regular basis.
For imports valued at $3 million or more, AD banks must report to OIMS at least 24 hours before opening the letter of credit, excluding government imports.
The circular also requires banks to take reasonable measures to verify the bona fide status of importers and exporters, the competitiveness of import prices and the authenticity of transactions.
Import documents must contain detailed descriptions of goods, including quality, brand, production date, packaging, grade, unit price and quantity, as well as the applicable eight-digit HS Code.
Bangladesh Bank has also allowed industrial raw materials, including LPG, to be imported under supplier's or buyer's credit for up to 270 days.
Agricultural implements and chemical fertilizers are also eligible for usance terms of up to 270 days.
The circular allows up to 360 days' usance for imports of spares, vessels for scrapping, certain steel-industry raw materials and active pharmaceutical ingredients and laboratory reagents, subject to applicable conditions.