BB streamlines forex rules to facilitate freelancers

Bangladesh Bank on Wednesday issued a circular easing foreign exchange transactions for freelancers and individual service exporters in a move aimed at further supporting the country’s growing digital services sector.

The new guidelines allow freelancers to receive payments based on electronic evidence, such as platform statements, emails and other digital communications, reducing reliance on conventional export documentation and making the process more adaptable to digital trade.

To facilitate small-value transactions, inward remittances of up to $20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions to ensure the timely repatriation of funds to Bangladesh.

The circular also enables 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 ICT sector may retain up to 50% of their export earnings in foreign currency accounts, commonly known as Exporters’ Retention Quota (ERQ), while other service exporters may retain up to 30%. This will provide greater flexibility in managing international business expenses.

Market participants described the move as a timely and forward-looking step that aligns the regulatory framework with the evolving nature of digital trade and freelance work.

By simplifying procedures and expanding access to formal payment channels, the circular is expected to encourage greater formalisation of service export earnings, improve transparency and strengthen foreign exchange inflows.

The initiative is also expected to ease doing business for freelancers, promote formal remittance channels and further integrate Bangladesh’s service exporters into the global digital economy, while supporting the country’s broader ambition to build a robust knowledge-based and digitally driven export ecosystem.