BB eases sending money to Bangladeshi students stuck abroad

Banks can remit on account of academic fees including boarding and lodging, health insurance, incidental expenses of Bangladeshi students, who are stuck abroad for lockdown, the Bangladesh bank has instructed Monday. 

"To facilitate health insurance for students having no coverage or limited coverage, authorised dealers (AD) banks can remit medical expenses to concerned students requiring emergency treatment. In this context, ADs shall release foreign exchange based on the estimates supported by certificates of medical professionals from the country where students reside," reads the circular.  

The facilities shall be applicable till June 30. The central bank has extended the time of providing transaction facilities Bangladeshi nationals travelling abroad, including for treatment to June 30 from April 30.

The circular said it is observed that Bangladesh nationals visiting abroad are facing problems in returning home due to travel disruptions that arose for the Covid-19 pandemic.

"To facilitate their expenses required abroad, it has been decided to allow Authorised Dealers (banks) to release foreign exchange within the permissible limit of travel and/or medical treatment in their international cards," it said.

Banks can remit to the designated accounts abroad by way of bank transfer or make funds available to them through exchange houses by credit in the concerned Taka accounts maintained under drawing arrangements.

The BB also advised banks to give excess funds, if necessary, to meet their urgent needs. But, before releasing excess funds, banks have to check genuineness of the necessity, it said.

In another circular, the BB asked banks to consider heavy furnace oil (HFO) or high sulphur fuel oil (HSFO) as raw materials for the power generating enterprises and allowing import on deferred payment facility for up to 360 days.

To avail such credit facility, the power generating entities must have specific approval from the power, energy and mineral resources ministry.

Meanwhile, the central bank in another circular on Monday allowed banks to settle inland letters of credits through their nastro accounts.

Considering the small volume of transactions, the banks should have suitable arrangements with their correspondents abroad for the transactions with minimum charges, it said.