Dhaka:Bangladesh Bank (BB) has announced an increase in the limit for sending foreign currency abroad for medical treatment without prior approval, raising the cap to US$30,000 from the previous US$15,000. This move aims to facilitate overseas healthcare for Bangladeshi citizens.
According to Bangladesh Sangbad Sangstha, the central bank issued a circular through its Foreign Exchange Policy Department-2, detailing several relaxations in outward remittance facilities for medical treatment, education, and other permitted purposes.
Under the new guidelines, authorised dealer (AD) banks are permitted to release up to US$30,000 or its equivalent for medical treatment abroad without needing prior approval from Bangladesh Bank. The circular also includes relaxed regulations for foreign currency remittances related to education abroad, allowing AD banks to release foreign exchange without prior approval for secondary and higher secondary studies abroad, contingent on the verification of free education availability.
Additionally, banks can now release foreign currency for regular academic studies via correspondence courses without prior approval, extending beyond the existing facilities for certification and professional courses. The central bank has also adjusted the rules concerning Resident Foreign Currency Deposit (RFCD) accounts, permitting foreign currency brought into Bangladesh by residents to be credited to RFCD accounts if declared to the Customs Authority using Form FMJ.
The circular indicated that the relevant existing foreign exchange regulations would be amended accordingly, while other current instructions would remain unchanged. These measures are expected to enhance legitimate current-account transactions and offer greater flexibility for individuals seeking medical treatment and educational opportunities abroad.