Bangladesh Bank (BB) has relaxed the rules for transaction in taka-denominated accounts owned by foreign citizens who once resided in Bangladesh, but now live in their home country.
According to a circular of the central bank issued on Monday, such foreign citizens can now transfer the money in their taka-denominated account in banks in Bangladesh to a bank account in their own country.
The BB circular, issued by its Foreign Exchange Policy Department (FEPD), says, "It has been decided that debits to balances in non-resident taka accounts will henceforth be permissible also for outward remittances towards: (i) subsistence expenses of individual account holders and their family member in their country of residence, (ii) current payments abroad by institutional account holders for permissible procurement of goods and services from abroad."
The ruling covers both individuals and institutions, and the transaction will remain subject to approval by and reporting to Bangladesh Bank.
Clarifying the matter, Deputy General Manager (FEPD) of Bangladesh Bank Mohammad Zakir Hossain Chowdhury told UNB that many foreign nationals who once lived in Bangladesh and opened taka accounts for their personal purposes, had subsequently left the country keeping money in their accounts.
But owing to tough regulations, they could not transfer their money to their own countries, which sometimes encouraged them to go for unofficial channels to repatriate their money.
But now, these individuals can easily take their hard-earned money through official channels abiding by BB rules and regulations.
A similar problem was prevailing with some charitable organisation like Lions or Rotary to import goods for service works using the taka accounts. But now they will be allowed to import goods or services, said Zakir Hossain.
BB relaxes rules for repatriate earnings
FE Team | Published: December 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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