Cenbank eases forex rules for freelancers, service exporters
The new rules further allow banks to issue dual-currency freelancer cards.
The Bangladesh Bank has eased foreign exchange regulations for freelancers and individual service exporters in a move aimed at supporting the country's growing digital services sector.
In a circular issued today (22 July), the central bank said freelancers will now be able to receive export payments using digital evidence instead of traditional export documents.
Under the new guidelines, electronic records such as platform statements, emails and other digital communications will be accepted as proof of service exports, simplifying payment processing for freelancers working on global digital platforms.
The circular also allows banks to credit inward remittances of up to $20,000 without requiring formal declarations. Online Payment Gateway Service Providers will be able to process payments of up to $10,000 per transaction while ensuring the timely repatriation of export earnings.
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The new rules further allow banks to issue dual-currency freelancer cards. Freelancers and service exporters will also be able to make wider use of Mobile Financial Service Providers and Payment Service Providers to receive payments.
The Bangladesh Bank has also expanded foreign currency retention facilities for service exporters. Freelancers in the ICT sector will now be allowed to retain up to 50% of their export earnings in foreign currency accounts under the Exporters' Retention Quota facility, while other service exporters will be able to retain up to 30%.
Market participants said the changes reflect the growing importance of digital trade and freelance work. They expect the simplified procedures to encourage more freelancers to use formal payment channels and improve transparency in service export earnings.
The move is also expected to strengthen foreign exchange inflows by making it easier for freelancers and individual service exporters to repatriate their earnings.
Business insiders said the initiative would improve the ease of doing business for freelancers and help integrate Bangladesh's service exporters further into the global digital economy, while supporting the country's goal of building a knowledge-based, digitally driven export ecosystem.
