Service exporters to get foreign currency retention quota facility
The Bangladesh Bank (BB) has asked authorized dealer (AD) banks to provide service exporters with exporters' retention quota (ERQ) account services so that they can carry out remittance transactions.
The retention quota facility will cover the export of software, ICT services, business services, research and advisory services, according to a Foreign Exchange Policy Department circular issued Sunday (5 February).
Service exporters would also have international credit, debit and prepaid cards against the balance in their ERQ accounts to make online payments abroad against bonafide requirements, the circular noted.
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The circular advised non-AD banks to make arrangements with nearby Ads, central trade processing centres, and head offices to open ERQ accounts and issue international cards.
ADs providing settlement account services to mobile financial service providers like bKash, Rocket shall arrange to open ERQ accounts and to issue international cards to freelancers, the circular added.
According to industry insiders, freelancers need to make payments abroad like other exporters. The ERQ account services could help them, for which service exports can be promoted.
