Leeway for firms that serve local markets
The companies in economic zones can send remittance without prior approval from BB
Industrial units in domestic processing areas of economic zones will be allowed to send outward remittance without taking prior approval from the central bank in order to pay fees of different services to foreign companies.
The companies have to take technical know-how and assistance and royalty of foreign companies on a regular basis to run their business.
Some companies in the domestic processing areas of the economic zones have already started producing goods, which are being sold in the local market.
They earlier had to take approval from the Bangladesh Bank for sending remittance abroad, according to a notice of the BB.
This created some difficulties in operating their business smoothly.
The companies will have to convert the local currency, which is earned by selling their products, into the US dollar to make the payment.
The central bank has taken the decision as part of its efforts to relax the foreign exchange guidelines and rules.