The government has relaxed the family remittance policy for foreigners.
From now on, foreigners working in Bangladesh will be able to send 100% of their income to their own country.
In this case, they can send 80% of their income to their country at any time of the year without any question. This was 75% earlier.
Before sending the remittances, banks will have to ensure that the amount being moved does not exceed the balance in related bank accounts of the foreigners.
The remaining 20% remittance can be sent once at the end of the fiscal year with income tax certification.
Bangladesh Bank on Monday sent the instructions to the head offices of every bank in the country.
An official of Bangladesh Bank told Dhaka Tribune: “Earlier, foreigners could not send their remittance from Bangladesh easily to prevent money laundering and keep foreign exchange reserves strong.”
“A mandatory part of their income had to be spent in Bangladesh. But after this announcement, that obligation is no longer there,” the official added.
For the last one and a half years, foreign exchange transactions have been relaxed to increase foreign exchange transactions and investment.
Earlier, the foreign exchange policy was relaxed for foreign-owned companies. Now they are allowed to borrow loans in local currency from domestic banks without the approval of the central bank.
According to Bangladesh Bank, the country’s foreign exchange reserve stood at $45.80 billion on Tuesday.
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