BB eases income repatriation by foreign nationals

Staff Correspondent | Published: 00:05, Nov 16,2017 | Updated: 00:34, Nov 16,2017


Bangladesh Bank has allowed foreign nationals residing in Bangladesh and having income here to send their earnings to other countries where their family members live besides the country of their domicile.
The central bank in a circular issued on Wednesday eased the restriction as foreign nationals earlier were permitted to send income only to the country of their domicile out of their current savings, up to 75 per cent of their net incomes.
BB officials said that the limit on the amount of remittance any foreign national can send from Bangladesh to other countries would remain same — 75 per cent of his or her net income.
Earlier, the BB in April, 2013, raised the limit on remittance for foreign nationals to 75 per cent of their net incomes from 50 per cent.
The central bank, in another circular issued on Wednesday, extended the deferred facility for settling of letters of credit for import of four types of raw materials for steel production to 360 days.
This increase of time frame which was earlier 180 days is applicable for the import of hot rolled coil, scrap, pig iron and sponge iron which are used in manufacturing flat steel and long steel.  

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