Customers can now send foreign currency abroad for secondary and higher secondary study, or the equivalent, without Bangladesh Bank’s prior approval.
The central bank has also eased the rules on sending foreign currency to pay for treatment and study abroad. Banks can now release up to $30,000 for medical treatment abroad without the central bank’s prior approval, up from $15,000.
Bangladesh Bank’s Foreign Exchange Policy Department-2 issued a circular to this effect on Monday (9 November), relaxing the rules for authorised dealer (AD) banks on releasing foreign currency.
Under the circular, authorised dealer banks can now release up to $30,000, or the equivalent in another currency, to a single customer for treatment abroad without Bangladesh Bank’s prior approval. The limit was previously $15,000.
Sending foreign currency for school-level study abroad also used to need the central bank’s prior approval. The new instruction removes that condition, so banks can send secondary and higher secondary fees directly. Banks will, however, have to check whether free schooling is available in the country concerned.
The relaxation also covers fees for professional and certification courses and for regular academic study by correspondence or distance learning. Money for these can now be sent through banks without Bangladesh Bank’s prior approval.
Separately, resident Bangladeshis returning home can deposit the 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