BB eases forex rules to support freelancers

Bangladesh Bank (BB) has relaxed foreign exchange rules for freelancers and individual service exporters to make it easier for them to receive payments from abroad and use formal banking channels.

In a circular issued on Wednesday, the central bank said freelancers can now receive export earnings using electronic proof, such as platform statements, emails and other digital records.

This replaces the need for many traditional export documents and better reflects the way digital services are traded.

The new rules also simplify small-value transactions. Banks can credit inward remittances of up to US$20,000 without requiring formal declarations. Payments through Online Payment Gateway Service Providers (OPGSPs) will be allowed up to US$10,000 per transaction, while ensuring that the money is repatriated to Bangladesh on time.

The circular also allows banks to issue dual-currency freelancer cards. It expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), giving freelancers more convenient options to receive and manage international payments.

Under the new policy, freelancers in the ICT sector can keep up to 50 per cent of their export earnings in foreign currency accounts under the Exporters' Retention Quota (ERQ) scheme. Other service exporters can retain up to 30 per cent of their earnings, giving them more flexibility to pay for international business expenses.