B Mirror Report: In a major policy move aimed at strengthening the country’s maritime trade sector, Bangladesh Bank has allowed locally registered shipping companies to pay lease rentals for chartered vessels directly in foreign currency.

The central bank’s Foreign Exchange Policy Department issued a circular on Thursday, instructing all Authorised Dealer (AD) banks to implement the new provision.

Until now, the facility was available only for local airlines to make foreign currency payments for leased aircraft. The latest directive extends similar benefits to the shipping sector, simplifying the process of paying lease charges for ocean-going vessels.

According to Bangladesh Bank, the initiative is intended to increase the number of Bangladeshi-owned ocean-going vessels operating on international routes.

Under the new guidelines, AD banks must ensure several conditions before processing foreign currency remittances. Shipping companies must possess valid operating permits from the relevant authorities, including the Department of Shipping. They are also required to regularly report vessel operations and income to Bangladesh Bank and repatriate foreign currency earnings in accordance with existing regulations.

Industry stakeholders and shipping entrepreneurs have welcomed the decision, saying the relaxed payment rules will encourage local operators to expand their fleets by leasing more vessels.

Business leaders believe that increasing the number of Bangladesh-flagged ships in global trade will reduce the country’s dependence on foreign carriers, save millions of dollars in foreign exchange, and open new avenues for earnings through freight charges.

Economists said the timely measure would support overall economic growth and make foreign exchange reserve management more effective and dynamic.