Dhaka, July 1 -- The central bank has launched a pilot framework to enable digital processing of trade documents under documentary collections and letters of credit (LCs), aiming to modernise cross-border trade operations.

The framework will allow electronic submission, transmission, and verification of trade documents 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 Uniform Rules for Collections (URC), Uniform Customs and Practice for Documentary Credits (UCP) and their electronic versions (eURC and eUCP).

The central bank officials, however, said the framework introduces the use of Electroni...