Cenbank allows tour operators to sell overseas packages in taka
Issuing a circular today (9 August), the central bank said the facility would allow eligible tour operators to collect payments in taka and settle payments with overseas service providers through authorised dealer (AD) banks
Bangladesh Bank has allowed tour operators that are members of the Tour Operators Association of Bangladesh (Toab) to collect payments in taka from resident Bangladeshis for overseas tour packages and remit the corresponding foreign currency to service providers abroad.
Issuing a circular today (9 August), the central bank said the facility would allow eligible tour operators to collect payments in taka and settle payments with overseas service providers through authorised dealer (AD) banks.
Under the new arrangement, eligible tour operators must have agreements with overseas tour operators, hotels or destination management companies. AD banks may remit foreign currency against tour packages covering accommodation, transportation and other destination-related services.
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The facility allows remittances of up to $3,000 per traveller per calendar year, outside the regular annual travel quota.
Tour operators must maintain passport-based records and obtain declarations from travellers confirming that they have not exceeded the annual limit through other tour operators.
Remittances exceeding $3,000 may also be permitted where package payments are collected in foreign currency through international cards. AD banks may provide acquiring services for such card transactions.
Bangladesh Bank has instructed AD banks to report such remittances to the central bank within seven days for post-facto scrutiny.
Business insiders have welcomed the policy support, saying the decision will facilitate outbound tourism and help promote the growth and formal development of Bangladesh's tour business.
