Bangladesh, July 1 -- The central bank has launched a pilot framework to facilitate the digital processing of trade documents under documentary collections and letters of credit (LCs), marking a major step toward modernising the country's cross-border trade operations.
Under the framework, trade documents can be submitted, transmitted and verified electronically across approved international trade corridors, according to a notification issued by the Bangladesh Bank (BB) on Wednesday.
The initiative covers both export and import transactions governed by the Uniform Rules for Collections (URC), the Uniform Customs and Practice for Documentary Credits (UCP) and their electronic versions-eURC and eUCP.
Central bank officials said the framewo...