Bangladesh Bank (BB) has announced greater flexibility in outward remittance facilities, doubling the foreign exchange release limit for medical treatment abroad from $15,000 to $30,000.

The Foreign Exchange Policy Department (FEPD) of the central bank issued a circular on Monday outlining the updated regulations for Authorized Dealers (ADs) to facilitate legitimate current-account transactions without requiring prior central bank approval. The directives take effect immediately.

Key changes introduced in the circular include:

Medical Treatment Abroad: ADs are now authorized to release foreign exchange up to $30,000 (or equivalent) without prior approval from Bangladesh Bank, amending previous limits.

Study Abroad: While prior central bank approval was previously mandatory for school-level studies abroad, ADs can now release foreign exchange without prior permission for secondary and higher secondary equivalent studies, provided the availability of free education has been verified.

Correspondence Courses: In addition to certification and professional programs, ADs are now permitted to release foreign exchange without prior approval for regular academic studies pursued through correspondence courses.

Additionally, to rationalize deposits amidst the expansion of individual outward remittance facilities for private travel, medical treatment, and studies, the central bank mandated that foreign currency brought into Bangladesh by resident Bangladeshis can only be credited to Resident Foreign Currency Deposit (RFCD) accounts if it is declared to Customs authorities via Form FMJ.