Bangladesh Bank has simplified foreign currency transaction procedures for freelancers and individual service exporters. According to a circular issued on Wednesday, inward remittances up to 20,000 US dollars will no longer require a formal declaration. Additionally, freelancers can now receive up to 10,000 US dollars per transaction through online payment gateway service providers, provided the earnings are repatriated within the stipulated time.

The initiative aims to support the country’s growing digital service sector. The circular allows freelancers to use platform statements, emails, invoices, or other digital communications as valid proof of income, reducing dependence on traditional export documentation. It also introduces a dual-currency “freelancer card” and expands the use of mobile financial service and payment service providers to make digital transactions more efficient.

Under the new rules, IT freelancers may retain up to 50 percent of their export earnings in foreign currency under the Exporters’ Retention Quota, while other service exporters may retain up to 30 percent. Stakeholders believe the move will encourage more freelancers to bring foreign income through formal channels, increase foreign exchange inflows, and enhance transparency in the digital trade sector.