Banks allowed to remit money to Bangladeshi students abroad for treatment

Staff Correspondent | Published: 21:28, Apr 20,2020

 
 

The Bangladesh Bank on Monday allowed banks to remit foreign currency for meeting medical expenses of the Bangladeshi students living aboard during the coronavirus pandemic.

A BB circular issued on the day said that the banks would have to remit foreign exchange for medical purposes to the students living aboard based on estimates.

It also said that the estimates must have to be supported by certificates issued by medical professionals of the country where the students resided.

The facility would be effective for those students who have no health insurance or limited coverage, the BB circular said.

The foreign exchange currency facility would be effective till June 30 this year, the BB circular said.

Besides the facility, Bangladeshi students living abroad are entitled to get academic fees, including boarding and lodging, health insurance, incidental expenses from the country.

On March 29, the BB extended foreign currency facility for the Bangladeshi nationals stranded abroad due to the travel ban imposed by different countries amid the coronavirus outbreak.

Under the extended facility, Bangladeshi nationals are entitled to get cash facility beyond the allowable limit specified by the central bank.

On travel ground, a Bangladeshi national can spend up to $12,000 a year abroad.

In addition to the $12,000, people traveling abroad for treatment purposes are allowed to spend another $10,000 each in a year.

As per Monday’s BB circular, the stranded Bangladeshi nationals would get the facility till June 30 this year.

In another circular, the BB asked the banks to consider heavy furnace oil (HFO) or high sulphur fuel oil (HSFO) as raw materials for the power generating enterprises and to allow import on deferred payment facility for up to 360 days.

To avail such credit facility, the power generating entities must have specific approval from the power, energy and mineral resources ministry.

The central bank in a separate circular on Monday allowed the banks to settle inland letters of credit through their NASTRO accounts.

Considering the small volume of transactions, the banks should have suitable arrangements with their correspondents abroad for the transactions with minimum charges, it said.

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