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Bangladeshis will now be able to send up to $30,000 abroad for medical treatment without prior approval from Bangladesh Bank, doubling the previous limit of $15,000.
The central bank has also eased the process for sending money abroad for secondary and higher secondary education and introduced new conditions for depositing foreign currency brought into the country in Resident Foreign Currency Deposit (RFCD) accounts.
Bangladesh Bank’s Foreign Exchange Policy Department-2 issued a circular in this regard on Monday, informing authorised dealer (AD) banks of the changes to the rules governing foreign exchange transactions.
Under the revised instructions, AD banks can release up to $30,000, or its equivalent in other foreign currencies, for overseas medical treatment without seeking prior approval from the central bank. The previous limit was $15,000.
The relevant provision of FE Circular No. 40, issued on September 30, has been amended accordingly.
The central bank has also relaxed rules for students pursuing secondary and higher secondary education abroad. Previously, sending foreign currency for education at the school level required prior approval from Bangladesh Bank.
Under the new guidelines, AD banks will be allowed to release foreign currency without prior approval for students studying at the secondary and higher secondary or equivalent levels overseas. However, banks will have to verify whether free education is available in the country where the student intends to study.
The revised rules also allow foreign currency to be sent without prior approval for certification and professional courses, as well as regular academic courses conducted through correspondence.
In another significant change, Bangladesh Bank has set new conditions for resident Bangladeshis seeking to deposit foreign currency brought from abroad into RFCD accounts.
The circular said that, with the expansion of facilities for sending foreign exchange abroad for purposes including travel, medical treatment and education, resident individuals bringing foreign currency into Bangladesh must declare it to customs authorities through Form FMJ if they wish to deposit the money in an RFCD account.
Bangladesh Bank said the relevant provisions of existing foreign exchange regulations would be deemed amended as necessary to implement the new measures, while all other existing instructions would remain unchanged.
These changes are expected to make foreign exchange transactions easier for Bangladeshis who need to travel abroad for medical treatment or education, while maintaining regulatory oversight over the movement and declaration of foreign currency.
