Dhaka: The government has announced the removal of the investment cap on wage earner bonds for expatriate Bangladeshis in a bid to enhance remittance flow into the country. With this policy change, there is now no ceiling on investments in bonds issued by the government, allowing Non-Resident Bangladeshis (NRBs) to channel their funds back home without restrictions.
According to Bangladesh Sangbad Sangstha, the Internal Resources Division (IRD) has issued a notification to this effect. The updated policy, which will take effect on 1 December 2024, extends eligibility to NRB mariners, pilots, and cabin crew members employed by foreign-owned shipping and airline companies, enabling them to invest in Wage Earner Bonds.
The changes also introduce the option for NRBs to reinvest in National Savings Scheme (NSS) products. These include the Family Savings Certificate, Pensioner Savings Certificate, three-month profit-based Savings Certificate, Wage Earner Development Bond, US Dollar Premium Bond, and US Dollar Inv
estment Bond. Under the revised terms, NRBs can invest remitted funds in Wage Earner Development Bonds for an initial term, with the possibility of reinvestment for two additional terms, totaling up to 15 years.
Similarly, US Dollar Premium and Investment Bonds now allow reinvestment for up to four additional terms, also spanning a total of 15 years. The IRD anticipates that these incentives, along with the removal of the investment cap, will attract increased foreign currency investments from expatriates, contributing to sustained economic growth for Bangladesh.