Bangladesh Bank has relaxed the rules for remitting foreign currency to pay charter fees on leased ships, in a move to boost the capacity of the domestic shipping sector. Authorized dealer (AD) banks may now send money abroad to cover charter fees for vessels leased by locally registered shipping companies.
The central bank issued a circular on the matter on Thursday. It said the facility had until now applied only to aircraft leased by local companies, and that the same arrangement would now also apply to seagoing vessels.
Under the circular, AD banks may remit lease charter fees abroad subject to certain conditions. These include obtaining approval from the relevant authority to operate the leased vessel. The companies involved must also submit regular reports to Bangladesh Bank and bring home foreign-currency earnings from operating the vessels in line with existing regulations.
Bangladesh Bank said the main aim of the initiative was to increase the number of seagoing vessels under Bangladeshi ownership and to strengthen the capacity of the country’s shipping sector.
People familiar with the sector said the new decision would make it easier for local shipping companies to lease ships. They said it would increase the participation of Bangladeshi firms in carrying goods by sea, raise foreign-currency earnings and reduce dependence on foreign ships, while also helping to conserve foreign currency.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report