BB eases rules requiring approval for bankers’ official visit abroad

BB eases rules requiring approval for bankers’ official visit abroad

Dhaka, June 11 - Bangladesh Bank (BB) in a directive on Tuesday said bankers will not need permission from central bank to go abroad for important official work including business contracts.

In this regard, the central bank has instructed the commercial banks to make a "travel policy for external traveling."

Currently, among the employees of commercial banks, only managing directors (MDs) or chief executives officers (CEOs) are required to obtain approval from the central bank for external (outside country) travel.

"Officials who will play an important role in official work including participating in business meetings with foreign counterparts can go abroad to participate in such meetings,” stated the BB directive.

A top official of the central bank said that prior approval will not be required for official purposes, and bankers may travel abroad to collect deposits for offshore banks and contract with foreign banks. Therefore, the subordinate staff including the managing director were exempted in this regard.

The financial sector regulator has stopped all types of foreign travel with the bank's own financing since May 2022. The ban is still in place to deal with the foreign exchange crisis.

From 2022, the opportunity to travel abroad for Hajj and emergency medical needs is kept for other bankers like Bangladesh Bank officials with their own financing.

Keeping all previous restrictions in place, it is said in the new circular, "Now, instructions are being issued to the effect that the travel of bank officials and employees outside Bangladesh to participate in training/seminars/workshops/study tours funded by bank companies will be stopped.-UNB