BB eases tuition payment for those studying in China

The Bangladesh Bank has allowed banks to help students who are studying in China pay their tuition fees.  

In a notice yesterday, the central bank said Bangladeshi students who are studying at various educational institutions in China are still continuing their courses under online teaching arrangements from Bangladesh due to the travel restrictions imposed by Beijing for the coronavirus pandemic.

These students are now applying for visas for which all the due tuition fees need to be paid.

"So, it has been decided that authorised dealer banks may continue to effect outward remittances on account of these students till September 30, 2022," said the notice.

The notice would clear confusion, if any, among the authorised dealer banks about making the payments amid falling foreign currency reserves.

On Monday, Bangladesh's reserves slipped to around $34.5 billion after the central bank cleared $1.3 billion worth of import bills. 

The reserves have been under strain since the beginning of Russia's invasion of Ukraine, as the conflict has pushed up the prices of commodities in the global markets, creating volatility in the foreign currency market for import-dependent nations such as Bangladesh.

Since November last year, the reserves have fallen by more than 23 per cent.