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Bankers stress need for training to promote ‘open account’

Staff Correspondent | Published: 22:34, Oct 23,2020

 
 

Bankers on Friday at a webinar underlined the need for conducting training and other awareness programmes to promote ‘open account’ meant for boosting exports.

The new instrument may open up opportunities for enhancing the country’s shipment in Asia and other parts of the world as well, they said at a webinar on ‘open account export transaction and recent policy changes in Bangladesh’.

The International Chamber of Commerce, Bangladesh in association with the Asian Development Bank organised the webinar.

ICC, Bangladesh vice-president Rokia Afzal Rahman presided over the programme.

Bangladesh Bank executive director Humayun Kabir in his presentation termed the system the first step towards reaching a new horizon of trade financing.

Learning process and awareness programme should be continued to popularise the system, he said.

Islami Bank Bangladesh managing director and chief executive officer Md Mahbub-ul-Alam said that many countries had already adopted open account financing replacing the traditional letter of credits (LCs) mechanism in trade financing.

So, the new instrument is believed to be the key to boosting export from the country, he said.

ICC banking commission, Paris, executive board member and ICC United Arab Emirates director Vincent O’Brien was the moderator of the webinar.

ICC, Bangladesh banking commission chairman, also Bangladesh International Arbitration Centre chief executive officer, Muhammad A (Rumee) Ali, Standard Chartered Bank Bangladesh CEO Naser Ezaz Bijoy, Mutual Trust Bank managing director and CEO Syed Mahbubur Rahman, HSBC Bangladesh CEO Md Mahbub Ur Rahman and Bank Asia managing director Md Arfan Ali and ICC Bangladesh secretary general Ataur Rahman also spoke at the webinar.

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