Cenbank doubles limit for sending remittances to MFS accounts
Economy
The maximum limit for sending remittances to individual Mobile Financial Services (MFS) accounts has been doubled from the existing limit of Tk1.25lakh.
The Bangladesh Bank's Payment Systems Department in a circular yesterday said from now on expatriates can send a maximum of Tk2.5 lakh to MFS accounts like bKash, Nagad, Rocket, etc.
Incentives given by the government or banks will be separately sent to MFS accounts. Earlier, as per a directive issued in December 2019, remitters could remit a maximum of Tk1.25 lakh until now.
Currently, the maximum limit for deposits in MFS accounts is Tk3 lakh.
The central bank circular states that if the balance of an MFS account exceeds Tk3 lakh after the receipt of remittances, no further amount can be added until it is brought below the limit.
The maximum limit has been increased so that expatriates can send more remittances using MFS, a senior central bank official told The Business Standard.
An average of $45-50 million in remittances come through MFS accounts every month, he said.
"We have seen that its amount is constantly increasing. Sending remittances through MFS is becoming popular among expatriates," he said, adding that the central bank hopes that this step will help increase the inflow of remittances.
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