Dhaka:Bangladesh Bank (BB) has implemented new regulations to ease the process of outward remittance, significantly increasing the foreign exchange limit for medical treatment abroad from $15,000 to $30,000.
According to United News of Bangladesh, the central bank's Foreign Exchange Policy Department (FEPD) issued a circular on Monday that outlines the updated guidelines for Authorized Dealers (ADs). These guidelines allow ADs to facilitate legitimate current-account transactions without the need for prior approval from the central bank. The updated directives are effective immediately.
Key changes introduced include the authorization for ADs to release foreign exchange up to $30,000 for medical treatment abroad without prior approval from Bangladesh Bank. For educational purposes, ADs can now release foreign exchange for secondary and higher secondary equivalent studies abroad without prior permission, provided the availability of free education is verified.
Furthermore, ADs are now permitted to release foreign exchange for regular academic studies pursued through correspondence courses, in addition to certification and professional programs, without needing prior approval. Additionally, the central bank has clarified that foreign currency brought into Bangladesh by resident Bangladeshis can only be credited to Resident Foreign Currency Deposit (RFCD) accounts if declared to Customs authorities via Form FMJ.