Bangladesh Bank (BB) has relaxed foreign-exchange regulations for freelancers and individual service exporters, simplifying payment procedures and expanding access to digital financial services to support the country's fast-growing digital export sector.
Freelancers will now be allowed to receive export payments based on electronic evidence - such as platform statements, emails and other digital communications - removing the need for conventional export documentation and making the process more compatible with digital trade, according to a notification issued by the central bank on Wednesday.
To facilitate small-value transactions, inward remittances of up to US$20,000 may be credited without formal declaration requirements, the notification said.
It also allows payments through Online Payment Gateway Service Providers (OPGSPs) of up to US$10,000 per transaction, with provisions to ensure the timely repatriation of export proceeds to Bangladesh.
The notification also permits the issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), widening access to convenient and efficient digital payment channels.
In addition, freelancers in the information and communication technology (ICT) sector will be allowed to retain up to 50 per cent of their export earnings in foreign currency accounts under the Exporters' Retention Quota (ERQ) facility.
Other service exporters will be permitted to retain up to 30 per cent, providing greater flexibility in meeting international business expenses.
Business leaders believe the measures will improve the ease of doing business for freelancers, encourage the use of formal remittance channels and further integrate Bangladesh's service exporters into the global digital economy.
They also expect the initiative to support the country's broader ambition of building a robust knowledge-based and digitally driven export ecosystem.
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