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The Bangladesh Bank on Thursday allowed shipping agents to charge a higher commission for handling vessels in Bangladesh’s ports for imports of goods.
The central bank issued a circular on the day, bringing a number of changes in its Guidelines for Foreign Exchange Transactions-2018 relating to shipping agents’ commission.
The central bank brought the changes in the guidelines to rationalise its rules in line with the mode of transport.
As per Thursday’s circular, shipping agents will charge at least 5 per cent as commission on the total transport charge against imports on cost and freight or similar terms.
Besides, shipping agents will get at least 2.5 per cent on the total transport charge against imports on free on board or similar terms, said the BB circular.
On the CFR terms, value of import or export proceeds is calculated without including shipping costs while shipping cost is included in import or export on the FOB terms.
Earlier, the agents were allowed to charge highest two per cent of net freight collections from import cargos.
An official of the central bank said that the revision in its guidelines would help save the country’s foreign currency.
Former Bangladesh Shipping Agents’ Association chairman KM Mahamudur Rahman told New Age that the newly set agency commission for import shipments would be beneficial for them.
He, however, said that the commission in the case of export shipments is kept unchanged.
In the case of exports on CFR or similar terms, the minimum agency commission for handling vessels in Bangladesh’s ports is 2.5 per cent on the total transport charge.
In the case of exports on FOB or similar terms, agents are allowed to charge at least 5 per cent commission on the total transport charge for handling vessels in Bangladesh’s ports.
