Bangladesh Bank eased foreign exchange transaction rules for freelancers and individual service exporters, aiming to support 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.
To facilitate small-value transactions, inward remittances of up to $20,000 can be credited without formal declaration requirements, according to a circular issued today.
Payments through online payment gateway service providers (OPGSPs) — third-party platforms that process cross-border digital payments — are permitted up to $10,000 per transaction, with provisions ensuring the timely repatriation of funds to Bangladesh.
The circular also enables the issuance of dual-currency freelancer cards and expands the use of mobile financial service (MFS) providers and payment service providers (PSPs), widening access to digital payment channels.
Freelancers in the ICT sector may retain up to 50 percent of their export earnings in foreign currency accounts, commonly known as the exporters' retention quota (ERQ), while other service exporters may retain up to 30 percent, providing flexibility in managing international business expenses.
Market participants view the move as timely, 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 the formalisation of service export earnings, improve transparency, and strengthen foreign exchange inflows.
Business insiders said the initiative is expected to enhance the ease of doing business for freelancers, promote formal remittance channels, and further integrate Bangladesh's service exporters into the global digital economy while supporting the country's ambition of building a knowledge-based, digitally driven export ecosystem.
