BB doubles limit for inward remittances sans declaration
In order to facilitate inward remittances, the Bangladesh Bank has increased the limit for Bangladeshi nationals to bring in their service income without declaration from $10,000 to $20,000.
This means Bangladeshi nationals working abroad can now send up to $20,000 or its equivalent without requiring a declaration, according to a central bank circular issued on Wednesday.
Md Mezbaul Haque, the spokesperson for the central bank, explained that the new policy will benefit various professionals, including freelancers, IT service providers, scholars, consultants, and researchers who earn money from abroad.
Keep updated, follow The Business Standard's Google news channel
Mezbaul, also an executive director of the Bangladesh Bank, commented that the central bank has taken this step to increase foreign currency inflows.
Md Shaheen Iqbal, deputy managing director and the head of Treasury and Financial Institutions at Brac Bank, told TBS, "As a result of the central bank's new policy, freelancers and those who earn remittances through service exports will benefit. I think it will have a positive impact on inward remittances."
