September 24, 2008

Remittance rule in Bangladesh relaxed

For decades, in a bid to stop foreign currency flow outside Bangladesh, there was a bureaucratic rule that to remit money to a foreign country, even for paying fees or supporting children studying in a foreign land, a permission from the central Bank was required. And you might imagine, that involves lot of bureaucratic procedures, speed money which was not worth for small transactions. It may be relevant here to mention here that only the extreme wealthy people can afford an international credit card. So paying online was not also possible.

At last we see the Bangladesh Bank has made an important policy change. Ahamed Bauani reports:
From now, any government official, official of bank and financial organizations and faculty member of a recognized banking training institute can send registration fee for participating in any training, seminar or workshop abroad through approved dealers without approval of Bangladesh Bank.
Foreign currency can also be released to Bangladeshi students pursuing professional diploma/certificate courses alongside studies in regular course like graduation and post-graduation abroad.
This change was long awaited.


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