05 Feb 2023, 19:41

Service exporters to enjoy foreign currency retention quota facility

DHAKA, Feb 5, 2023 (BSS) - The Bangladesh Bank (BB) today asked authorized dealer (AD) banks to provide service exporters with exporters' retention quota (ERQ) account services so that they could carry out remittance transactions.

The retention quota facility will cover the export of software, ICT services, business services, research and advisory services, according to a Foreign Exchange Policy Department circular issued today.

Service exporters would also have international credit, debit and prepaid cards against the balance in their ERQ accounts to make online payments abroad against bonafide requirements, the circular said.

The circular advised non-AD banks to make arrangements with nearby ADs, central trade processing centres, and head offices to open ERQ accounts and issue international cards.

ADs providing settlement account services to mobile financial service providers like bKash, Rocket shall arrange to open ERQ accounts and to issue international cards to freelancers, the circular added.

According to concerned stakeholders, freelancers need to make payments abroad like other exporters.  The ERQ account services could help them, for which service exports can be promoted further.

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