Annual foreign travel quota raised to $18,000 from $12,000

Bangladesh Bank (BB) has increased the annual foreign exchange travel entitlement for Bangladeshi nationals to $18,000 from $12,000, aiming to facilitate genuine travel-related foreign exchange requirements.

In a circular today, the BB allowed authorised dealers (ADs) -- commercial banks permitted to handle foreign exchange transactions -- to release foreign exchange of up to $18,000, or the equivalent amount, per calendar year to an adult Bangladeshi national residing in the country for travel abroad.

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The decision has been taken with a view to facilitating genuine travel-related foreign exchange requirements of Bangladeshi nationals and considering the evolving needs of international travel, said the central bank.

The entitlement for minors below 12 years of age will remain at 50 percent of the amount admissible for adults.

The BB has also retained the existing restriction on the release of foreign exchange in the form of US dollar notes. Cash dollar releases will remain capped at $5,000 per person, within the applicable annual travel entitlement.

The move is expected to provide greater flexibility to Bangladeshi travellers in meeting legitimate expenses related to overseas travel, including tourism, family visits and other permissible purposes, said a senior BB official.