BB raises medical treatment remittance limit to $30,000

Bangladesh Bank (BB) has increased the limit for sending foreign currency abroad for medical treatment without prior approval to US$30,000 from the existing US$15,000, aiming to facilitate overseas healthcare for Bangladeshi citizens.

The central bank issued a circular in this regard on Monday through its Foreign Exchange Policy Department-2, introducing several relaxations in outward remittance facilities for medical treatment, education and other permitted purposes.

Under the new instructions, authorised dealer (AD) banks can release up to US$30,000 or its equivalent for medical treatment abroad without prior approval from Bangladesh Bank.

The circular also relaxed regulations on foreign currency remittances for education abroad.

AD banks are now allowed to release foreign exchange without prior approval for secondary and higher secondary equivalent studies abroad, subject to verification of the availability of free education.

Besides, banks can now release foreign currency without prior approval for regular academic studies through correspondence courses, in addition to existing facilities for certification and professional courses.

The central bank has also rationalised the rules regarding Resident Foreign Currency Deposit (RFCD) accounts.

Foreign currency brought into Bangladesh by resident Bangladeshis will now be eligible for credit to RFCD accounts, provided that the amount is declared to the Customs Authority through Form FMJ.

The circular stated that the relevant provisions of the existing foreign exchange regulations would be amended accordingly, while all other existing instructions would remain unchanged.

The latest measures are expected to facilitate legitimate current-account transactions and provide greater flexibility to individuals seeking medical treatment and educational opportunities abroad.