Bangladesh Bank has simplified foreign exchange regulations for freelancers and individual service exporters, introducing a series of measures aimed at facilitating digital trade, expanding formal payment channels, and supporting the country’s fast-growing digital services sector.

In a circular issued on Wednesday, the central bank allowed freelancers to receive export earnings based on electronic evidence, including online platform statements, emails and other digital communications, eliminating the need for conventional export documents.

Under the revised rules, inward remittances of up to US$20,000 can now be credited without formal declaration requirements, significantly easing the process for small-value service exports.

The circular also permits payments through Online Payment Gateway Service Providers (OPGSPs) of up to US$10,000 per transaction, while requiring the timely repatriation of export proceeds to Bangladesh.

To improve access to international payment services, Bangladesh Bank has allowed banks to issue dual-currency freelancer cards and expanded the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs), making digital transactions more convenient for freelancers and service exporters.

The central bank further increased flexibility in managing overseas business expenses by allowing freelancers in the information and communication technology (ICT) sector to retain up to 50% of their export earnings in foreign currency accounts under the Exporters' Retention Quota (ERQ) scheme. Other service exporters will be allowed to retain up to 30% of their export earnings.

Business leaders and market participants welcomed the move, describing it as a timely update that aligns Bangladesh's foreign exchange regulations with the evolving nature of the global digital economy.

They said the simplified procedures and wider access to formal payment channels are expected to encourage greater formalisation of service export earnings, improve transparency in foreign exchange transactions, and strengthen the country's remittance inflows.

Industry insiders also believe the initiative will enhance the ease of doing business for freelancers, promote the use of formal remittance channels, and help integrate Bangladesh's digital service exporters more effectively into the global marketplace, supporting the country's ambition to build a knowledge-based, digitally driven export economy.