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DHAKA: Bangladesh Bank has allowed businesses serving foreign tourists to retain up to 15 per cent of foreign currency earnings received through internationally issued cards and other authorised payment instruments.
Under the new rules, hotels, resorts, restaurants, shopping malls, retail outlets and other businesses can retain up to 15 per cent of payments made by foreign tourists through such channels. The remaining 85 per cent must be converted into taka.
The central bank issued a circular on the matter on Sunday, 25 October.
According to the circular, authorised dealer (AD) banks may allow eligible businesses to retain up to 15 per cent of their foreign currency earnings to encourage sales of goods and services to foreign tourists and facilitate the use of international payment systems.
The retained foreign currency can be used to meet legitimate foreign payment obligations under the current account, including payments through international cards, subject to applicable foreign exchange regulations.
The central bank has also instructed AD banks to ensure that the relevant businesses have the necessary arrangements to accept payments through internationally issued cards and other authorised payment instruments.
Sector insiders said the facility would make it easier for businesses serving foreign tourists to settle legitimate foreign currency expenses through banking channels.
They added that the measure would help tourism-related and other businesses benefit from international payment systems while ensuring that the remaining foreign currency earnings are converted into taka, supporting domestic money circulation.
