Bangladesh Raises Annual Travel Quota to $18,000 from $12,000

Bangladesh Bank (BB) has increased the annual foreign exchange travel quota for Bangladeshi nationals to US$18,000 from $12,000 to meet genuine foreign exchange needs for overseas travel. Authorized Dealer (AD) banks are now permitted to release foreign exchange to an adult Bangladeshi national for travel abroad during a calendar year up to $18,000 or its equivalent, compared with the previous ceiling of $12,000, according to a notification issued by the BB, the country's central bank, on September 6. The central bank issued the notification, revising the existing travel entitlement applicable to adult Bangladeshi nationals residing in Bangladesh. The banking regulator said the decision was taken to facilitate genuine foreign exchange requirements for overseas travel and meet the evolving needs of Bangladeshi travelers. The enhanced entitlement will apply on an annual basis during a calendar year. However, the entitlement for minors below 12 years of age will remain at 50 per cent of the amount admissible for adults, according to the notification. The central bank of Bangladesh has also retained the existing restriction on the release of foreign exchange in the form of US dollar notes. Cash dollar release will remain capped at $5,000 per person, within the applicable annual travel entitlement. The move is expected to provide Bangladeshi travelers greater flexibility in meeting legitimate overseas travel expenses, including those related to tourism, family visits and other permissible purposes. The annual travel entitlement was previously set at $ 12,000 for an adult Bangladeshi national. The latest decision raises the ceiling by $6,000, or 50 per cent, marking a significant relaxation in the foreign exchange facility for outward travel, officials at the central bank explained.