RMA for trade simplification with Bangladesh

Phuentsholing, Aug 24: Royal Monetary Authority (RMA) officials have said that payment procedure with the Bangdadeshi importers will be simplified before December this year.

The unilateral decision of the Bangladesh Central Bank to include new provision that bank in Bhutan would be allowed to make payment to the exporters only after export documents reach the Bangladeshi bank where the LC is opened, has hindered the Bhutanese trade since January this year.
 
Earlier the Bhutanese banks were allowed to reimburse the exporters when they produced the bill and export documents.
 
The traders raised the issue during a meeting with the RMA and the banks in Phuentsholing on August 21.
 
RMA officials said amendments will be made soon.

"We could not receive response from Bangladeshi bank though we forwarded the issue soon after we received complains from traders in May," RMA's chief of banking, Pushpa Lal Chhetri said. Bhutan News Service