Bangladesh Bank has eased the rules for sending foreign currency abroad to pay for medical treatment and education. The amount that can be released for treatment abroad without the central bank’s prior approval has been raised from $15,000 to $30,000.
Customers can also now send foreign currency for secondary and higher secondary or equivalent education abroad without Bangladesh Bank’s prior approval.
Foreign Exchange Policy Department-2 of Bangladesh Bank issued a circular to this effect on Monday (9 November), relaxing the rules on foreign currency releases for authorised dealer (AD) banks.
Under the circular, authorised dealer banks may now release up to $30,000, or the equivalent in other foreign currency, to a customer for medical treatment abroad without Bangladesh Bank’s prior approval. The previous limit was $15,000.
Sending money abroad for school-level education previously required Bangladesh Bank’s prior approval. The new instruction removes that condition, so banks can now send secondary and higher secondary or equivalent education costs directly. They must, however, check whether free schooling is available in the country concerned.
The rules have also been eased for professional and certification courses and for regular academic study by correspondence or distance learning. Foreign currency for these purposes can now be sent through banks without Bangladesh Bank’s prior approval.
Separately, resident Bangladeshis returning home may deposit foreign currency they bring with them into a Resident Foreign Currency Deposit (RFCD) account after declaring it to customs on Form FMJ. The facility also applies to foreign currency for personal travel, treatment, education and other approved purposes.
Bangladesh Bank said all other existing rules and instructions on foreign exchange transactions remain unchanged.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report