Bangladesh Bank (BB) today (Wednesday) issued a circular easing foreign exchange transactions for freelancers and individual service exporters, in a move aimed at further supporting the country’s growing digital services sector.
The new guidelines allow freelancers to receive payments based on electronic evidence—such as platform statements, emails, and other digital communications—removing reliance on conventional export documentation and making the process more adaptable to digital trade, BSS reports citing a press release.
To facilitate small-value transactions, inward remittances up to US$ 20,000 can be credited without formal declaration requirements. Payments through Online Payment Gateway Service Providers (OPGSPs) are permitted up to $10,000 per transaction, with provisions ensuring timely repatriation of funds to Bangladesh.
The circular also enables issuance of dual-currency freelancer cards and expands the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), thereby widening access to convenient and efficient digital payment channels.
In addition, freelancers in ICT sectors may retain up to 50% of their export earnings in foreign currency accounts, commonly known as Exporters’ Retention Quota (ERQ), while other service exporters may retain up to 30%, providing greater flexibility in managing international business expenses.
Market participants view the move as a timely and forward-looking step, aligning the regulatory framework with the evolving nature of digital trade and freelance work.
By simplifying procedures and expanding access to formal payment channels, the circular is expected to encourage greater formalization of service export earnings, improve transparency, and strengthen foreign exchange inflows.
As per business insiders, the initiative is expected to enhance ease of doing business for freelancers, promote formal remittance channels, and further integrate Bangladesh’s service exporters into the global digital economy, while also supporting the country’s broader ambition of building a robust knowledge-based and digitally driven export ecosystem.
