BB restricts forex payments for training, seminars and workshops

The Bangladesh Bank on Sunday imposed restrictions on outward remittances for training, seminars and workshops abroad.

According to a circular issued by the central bank, all scheduled banks have been instructed to refrain from releasing foreign exchange on account of registration/participation fee for attending training, seminars and workshops abroad.

The restriction is applicable only for officials of banks and financial institutions, it said.

As per the existing rules, banks can release foreign exchange on account of registration/participation fee on behalf of officials of government, autonomous/semi-autonomous institutions, employees of banks and financial institutions, faculty members of banking training institutions, employees/officials of company/firm/institution/NGO registered and operating in Bangladesh.

An official of the central bank said that the restriction has been imposed in line with the government notifications on limiting travels abroad.

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Earlier on May 12, the Ministry of Finance issued a circular limiting non-essential overseas trips for bureaucrats in the current context of the global crisis and to recover the country’s economy in the post-Covid situation.

On May 16, in another circular, the ministry limited non-essential overseas trips for officials of autonomous, state-owned, semi-government organisations, and state-owned banks and financial institutions.

The circular banned low priority foreign trips, including exposure visits, study tours, APA and innovation tours, and workshops/seminars for all government officials until further notice.