BB revises agency commission policy on handling vessels


8The central bank has revised policy on agency commission for handling vessels – aiming to save foreign currency in foreign trade transportation, officials said.  Under the revised policy, local shipping agents would receive 2.5 per cent as agency commission on total transportation charges made by exporters under cost of freight (CFR) export and by importers under free on board (FOB) import, according to a notification, issued by the Bangladesh Bank (BB) on Thursday.  On the other hand, the agents would get 5.0 per cent commission from foreign nationals against their total transportation charges or international trade with Bangladesh, according to the officials.   The central bank revised the policy, considering mode of transportation instead of the previous process, where commission was 2.5 per cent for shipping agents in case the shipment was booked by shipping lines themselves.  Besides, local shipping agents would get 5.0 per cent as commission, if they could book the shipment, they added.  Talking to the FE, a BB senior official said the central bank had revised the policy in line with the stockholders’ opinions.  “It will help reduce the cost of doing business in Bangladesh,” the central banker noted.  The revised policy would come into effect for shipments from April 01, 2021, the notification added.  It also said the transportation charges would include all the charges payable by the exporters/importers including agency commission without limiting to freight charges only.