Bangladesh Bank has significantly simplified foreign-exchange transaction rules to energize the country’s fast-growing freelancing and digital-services export sector. The new instructions increase flexibility for individual service exporters and freelancers in bringing in, holding and using foreign earnings. Those concerned say this will reduce paperwork, make it easier to bring foreign income through formal channels and strengthen the country’s digital economy.
The central bank issued a circular on the matter on Wednesday, saying the existing foreign-exchange system had been modernized and made technology-friendly in light of the current realities of international digital-services trade.
Among the most important changes, freelancers can now use platform statements, emails, online invoices or other digital communications as proof of foreign income — greatly reducing reliance on conventional export documents. Individuals working on international freelancing platforms and small service exporters will no longer face the previous complications in bringing money home.
The transaction process has also been simplified. Under the new instructions, inward remittances of up to $20,000 can be received without any formal declaration. Payments of up to $10,000 per transaction may also be received through an Online Payment Gateway Service Provider (OPGSP). Such funds must be repatriated within the set time.
To broaden digital payments, the circular permits the launch of a dual-currency “freelancer card.” The use of mobile financial service providers (MFSPs) and payment service providers (PSPs) has also been expanded, which is expected to give freelancers easier, more modern services for receiving and spending international income.
Scope for holding foreign currency has been increased too. Freelancers in the information-technology sector may keep up to 50 percent of their export earnings in foreign currency under the Exporters’ Retention Quota (ERQ), while the limit for service exporters outside IT is 30 percent. This gives them more flexibility for international subscriptions, software, cloud services or business expenses abroad.
Those concerned say the move will not only ease transactions for freelancers but also encourage foreign income to flow through formal banking channels, increasing foreign-currency inflows, strengthening transparency in service exports and making Bangladesh’s digital-services sector more competitive globally.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report