Bangladesh’s first-ever policy for gold import has received the nod from the Cabinet Committee for Economic Affairs.
The ‘Gold Policy 2018’ aims to ensure accountability in the trade of the precious metal, Finance Minister AMA Muhith, who chairs the committee.
The policy cleared by the panel on Wednesday (May 23), however, requires the Cabinet’s green light.
“Until now gold was not imported, all of it was smuggled in, which will not be the case anymore,” Muhith told the media.

The Bangladesh Bank will appoint dealers for importing gold bars to meet the country's requirement, he added while elaborating on the regulatory framework.
The dealers will be allowed to import gold through bonds, but for that, they will have to get bond licences in line with the existing law.
The policy also allows export of gold as well, according to Additional Cabinet Secretary Mostafizur Rahman. “There’s provision to add value to imported gold for export.”