Bangladesh Bank has updated its consolidated foreign-exchange management instructions to better align the country’s export trade with international standards. The circular, issued on Thursday, adds provisions to promote paperless trade, digital trade documents, alternative trade finance, and service- and e-commerce-based exports. It will apply to export-related foreign-exchange transactions for the next year.

The central bank said the revisions reflect changes in international trade systems, the expansion of digital commerce, and the development of new export sectors. It has also brought all instructions on export-related foreign-exchange management under a consolidated framework. The circular allows export documents to be presented electronically under documentary collection arrangements.

Bangladesh Bank has directed the launch of a pilot framework for processing digital trade documents in documentary collection and letter-of-credit systems through approved trade corridors. A separate framework has been included for alternative trade finance, including supply chain finance. For the first time, the instructions contain a dedicated chapter on foreign-exchange transactions for freelancers and individual service exporters, which the central bank says will help them bring export earnings earned through digital payment channels into the country more quickly and easily.