Play store
Bangladesh Bank has eased regulations on foreign currency remittances for overseas education and medical treatment, allowing payments for secondary and higher secondary-level studies without prior approval from the central bank.
The central bank has also doubled the limit for medical expenses abroad that can be remitted without prior approval, raising it from $15,000 to $30,000.
The Foreign Exchange Policy Department-2 issued a circular on Monday (9 November), relaxing foreign currency disbursement requirements for authorised dealer (AD) banks.
Under the new rules, AD banks can now release up to $30,000 or its equivalent in foreign currency for an individual’s overseas medical expenses without obtaining prior approval from Bangladesh Bank.
Previously, the limit was $15,000.
The circular also removes the requirement for prior central bank approval to remit funds for secondary and higher secondary-level education abroad. Banks can now directly process such payments, subject to verification of whether free education is available in the destination country.
The relaxation also covers professional and certification courses, as well as regular academic programmes pursued through correspondence or distance-learning systems. Payments for these purposes can now be made through banks without prior approval from Bangladesh Bank.
In another change, resident Bangladeshis returning from abroad can deposit foreign currency brought with them into Resident Foreign Currency Deposit (RFCD) accounts after declaring it to customs authorities through Form FMJ.
The facility also covers foreign currency received for personal travel, medical treatment, education and other authorised purposes.
Bangladesh Bank said all other existing foreign exchange regulations and guidelines would remain unchanged.