BB relaxes rule for foreigners to remit money

The Bangladesh Bank today relaxed the rules for foreign nationals residing in Bangladesh to send remittances to their countries.

The foreigners, who are working in the country, now can send up to 80 per cent of their monthly earnings, according to a central bank notice.

Earlier, they were allowed to remit 75 per cent of their earnings. The foreigners could remit the rest of the money, which are kept in the form of savings in banks, when they leave the country permanently after the expiry of their jobs.

But the new relaxed rule will allow them to send the rest of the money after the completion of every fiscal year

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.

In addition, the amount will be calculated after deduction of the payable taxes.

A BB official said the central bank had taken the initiative as a part of its efforts to liberalise the country's foreign exchange regime.

This will help foreigners perform their jobs more smoothly.