The Bangladesh Bank has instructed authorized dealer banks and money changers to verify the amount of foreign currency a customer has spent against their passport before endorsing fresh foreign currency. As per the circular, before releasing foreign currency under a traveler’s passport, banks and money changers must verify the number of dollars spent by the […]

Aiming to facilitate inward remittances, the threshold for having to declare inward remittances on Form C has been raised from US$10,000 to US$20,000 or its equivalent. In addition, no declaration is required for inward remittances sent by Bangladeshi nationals working abroad.

The circular specifies that until further instruction, the Bangladesh Bank will charge an interest rate of 3.00% on EDF loans to authorized dealer banks while authorized dealer banks are to charge interest to manufacturer-exporters of 4.50%.

Bangladesh Bank provided clarification on the opening of NITAs in the name of NRBs. Per the circular, authorized dealers (“ADs”) should obtain the following documents and information from applicants: For opening NITAs in the name of non-resident foreign nationals or institutions, ADs should establish and distribute a unified set of documents to their branches at […]

Aimed to facilitate smooth transaction, Bangladesh Bank has decided that international cards (debit/prepaid) can be used for online payments of visa processing fees. In this context, banks may issue international cards in the name of officially designated by nominated agents. Generally, visa processing fees, among others, were collected through nominated resident agents of foreign embassies, […]