Bangladesh Bank Implements Digital Reporting for Overdue Export Proceeds

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The Bangladesh Bank (BB), the country’s central bank, has mandated banks to upload overdue export proceeds information to the Online Export Monitoring System (OEMS) by the 10th day of each month.

This initiative is part of the central bank’s efforts to digitize foreign exchange transaction monitoring and management through the FX Dashboard, eliminating the need for physical document submissions. The transition aims to streamline trade operations, promote paperless processes, and enhance business efficiency.

Through the FX Dashboard, banks can regularly report foreign exchange transactions, enabling Bangladesh Bank to monitor them effectively. As a result, physical submissions of documents such as monthly statements of outstanding export bills, export proceed realization certificates for direct exports, and statements of remittance of export claims are no longer necessary.

The circular issued by Bangladesh Bank stresses the importance of uploading overdue export proceeds data to the OEMS, requiring banks to provide details such as reasons for overdue status, efforts made to recover export proceeds, and litigation status if applicable. This move enhances transparency and accountability in export-related transactions.

The transition to digital reporting systems reflects Bangladesh Bank’s commitment to modernizing financial processes, reducing paperwork, and improving the ease of doing business in the country.