SMEs permitted to remit up to USD 3000 annually for overseas operational expenses

SME enterprises will now be permitted to remit up to USD 3,000 per year to cover operational expenses abroad. This new facility has been introduced to facilitate the international business activities of small and medium enterprises (SMEs).

Bangladesh Bank issued a circular in this regard today, Monday.

According to the central bank’s directive, such remittances may be made through authorised banking channels or international cards. To qualify, the concerned enterprise must be registered with the SME Foundation.

Banks have already been authorised to issue refillable international cards titled “SME Card”, which may be issued in the name of a designated official of the SME enterprise.

Initially, an amount equivalent to USD 600 may be released through this card, enabling the enterprise to meet expenses via online transactions. However, the total annual limit, combining both banking and card channels, must not exceed USD 3,000 or its equivalent in foreign currency.