In a proactive effort to support the growth and transparency of the Buying House industry, BGBA Vice President Mr. A.K.M. Saifur Rahman and Joint Secretary General Mr. Emdadul Haque Miazi held a meeting with Mr. Arif Hossain Khan, Executive Director of Bangladesh Bank, to discuss several pressing issues affecting the sector.
The discussion focused on aligning regulatory frameworks with the evolving needs of the sector. BGBA placed the following key demands for consideration:
BGBA’s Key Policy Recommendations:
- Removal of the $10,000 Limit on Sales Man Samples (SMS):
The existing threshold is no longer adequate to meet today’s business demands. BGBA has urged Bangladesh Bank to remove this outdated regulation to support the growing need of RMG exports. - Implementation of an Unique Identification Code for BGBA-Registered Buying Houses:
This initiative will ensure transparency and help accurately assess the volume of L/Cs facilitated through registered Buying Houses in Bangladesh and will also help to identify the Buying Houses that delayed in receiving the full export proceeds. - Verification of BGBA Membership by Authorized Banks:
It has been requested to issue circular to all Banks in Bangladesh to verify the BGBA’s membership by Authorized Banks to minimize the operation of non-professional Businesses as it undermine the integrity, standard and professionalism of the Buying House Trade. Also, requested to honor only those open contract that has BGBA’s membership mentioned on it. - Monitoring and Reporting of Delayed Export Proceeds:
BGBA has proposed that any delay in receiving full proceeds beyond four months be identified and reported to encourage better compliance and accountability.
BGBA deeply appreciates the opportunity to engage with Bangladesh Bank and is optimistic about forthcoming reforms that will enable a more conducive environment for Buying Houses—strengthening their role in the RMG supply chain and boosting national exports.
