BB doubles private travel foreign currency entitlement

Dollar 100 currency notes

Dhaka, Nov 20 – The Foreign Exchange Policy Department (FEPD) of Bangladesh Bank has issued three new directives concerning foreign currency exchanges for private travel entitlements through licensed money changers.

The notification, signed by Monoar Uddin Ahmed, Director of FEPD, was issued on Tuesday, outlining updated regulations aimed at facilitating outbound travellers.

Under the Guidelines for Foreign Exchange Transactions (GFET)-2018, Volume 1, licensed money changers have been authorised to sell foreign currency notes, coins, and travellers' cheques (TCs) to Bangladeshi nationals travelling abroad.

This is in accordance with their annual private travel entitlement, subject to a maximum limit of 1,000 US dollars or its equivalent in cash.

The limit has now been enhanced to 2,000 US dollars or its equivalent in cash, doubling the previous allowance.

For Hajj pilgrims, licensed money changers are to follow the government’s Hajj policy regarding the release of foreign currency.

The notification also says all other related instructions would remain unchanged.

This move is expected to ease financial transactions for outbound travellers and ensure better compliance with foreign exchange regulations. - UNB