Written by The Banking Post
Bangladesh Bank (BB) has relaxed foreign exchange regulations for freelancers and individual service exporters, simplifying cross-border transactions to support the country’s fast-growing digital services sector.
Under a circular issued on Wednesday, freelancers will now be able to receive export payments using electronic evidence such as platform statements, emails and other digital communications, eliminating the need for conventional export documents.
To facilitate small-value transactions, inward remittances of up to US$20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) will be allowed up to US$10,000 per transaction, with funds required to be repatriated to Bangladesh within the prescribed timeframe.
The central bank has also approved the issuance of dual-currency freelancer cards and expanded the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), giving freelancers greater access to digital payment channels.
The new framework also increases flexibility in managing foreign earnings. Freelancers in the ICT sector will be allowed to retain up to 50 per cent of their export income in foreign currency accounts under the Exporters’ Retention Quota (ERQ), while other service exporters will be able to retain up to 30 per cent.
Market participants said the move aligns Bangladesh’s foreign exchange regulations with the evolving nature of digital trade and freelance work.
They believe the simplified procedures and wider access to formal payment channels will encourage more service exporters to bring earnings through official channels, improve transparency and strengthen foreign exchange inflows.
Business insiders also expect the initiative to improve the ease of doing business for freelancers, promote formal remittance channels and help integrate Bangladesh’s service exporters more deeply into the global digital economy.
