Bangladesh Bank has raised the annual foreign currency spending limit for Bangladeshi citizens travelling abroad from USD 12,000 to USD 18,000.
Of this, a maximum of USD 5,000 can be spent in cash on each trip, while the remaining amount can be spent using cards.
The decision was taken in view of the growing demand for foreign currency for travel and changing requirements for international travel. The Foreign Exchange Policy Department of Bangladesh Bank issued a circular on the matter today, Sunday, and sent it to authorised dealer (AD) banks.
According to the circular, authorised dealer (AD) banks may release up to USD 18,000, or an equivalent amount in foreign currency, to an adult Bangladeshi citizen for overseas travel in a calendar year. The previous limit was USD 12,000.
Bangladesh Bank said the decision was taken to meet the actual foreign currency needs of Bangladeshi citizens for travel and in view of changing requirements for international travel.
The new limit will apply to each calendar year, from 1 January to 31 December. However, the previous rule will remain in place for those under the age of 12. They will be allowed to spend half, or 50 per cent, of the limit permitted for adults.
Bangladesh Bank expects that raising the travel quota will make it easier to meet foreign currency demand for overseas travel. This will provide additional benefits for tourism, visiting relatives and other permitted overseas travel.