Big forex relief for freelancers as BB eases rules
Bangladesh Bank (BB) on Wednesday issued a comprehensive circular easing foreign exchange transaction rules for freelancers and individual service exporters, aiming to drive growth in the country’s expanding digital services sector.
Under the new guidelines, freelancers can now receive international payments based on electronic evidence such as platform statements, emails, and digital communications.
This removes the reliance on conventional export documentation and makes the overall process far more adaptable to modern digital trade.
To facilitate small and medium-value transactions, inward remittances up to US$ 20,000 can now be credited directly to local accounts without any formal declaration requirements.
Additionally, individual payments routed through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with guidelines ensuring the timely repatriation of funds into Bangladesh.
In a major policy boost, the central bank has allowed freelancers in the ICT sector to retain up to 50 per cent of their export earnings in foreign currency accounts under the Exporters’ Retention Quota (ERQ). Non-ICT service exporters are permitted to retain up to 30 per cent, offering service providers much-needed financial flexibility to manage international business expenses.
Furthermore, the circular enables the issuance of dual-currency freelancer cards and expands the integration of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs) to broaden access to efficient digital payment channels.
Market participants and industry insiders welcomed the decision as a timely and forward-looking move.
By simplifying procedures and expanding access to formal payment channels, the initiative is expected to enhance the ease of doing business, encourage formal remittance channels, improve transparency, strengthen foreign exchange inflows, and further integrate Bangladeshi service exporters into the global digital economy.
