The Foreign Exchange Policy Department of the Bangladesh Bank has issued three new guidelines regarding foreign exchange for private travel rights through authorized money changers.

The notification, signed by FEPD Director Monoar Uddin Ahmed, was issued on Tuesday, outlining the updated regulations aimed at facilitating outbound travelers.

Under the Guidelines for Foreign Exchange Transactions (GFET)-2018, Volume 1, licensed money changers have been permitted to sell foreign currency (TC) notes, coins and travelers checks to Bangladeshi nationals traveling to the foreigner.

This is consistent with their annual private travel entitlement, subject to a maximum limit of $1,000 or its cash equivalent.

The limit has now been increased to $2,000 or its cash equivalent, doubling the previous allowance.

For Hajj pilgrims, licensed money changers must follow the government’s Hajj policy regarding the release of foreign currency.

The notification also said that all other related instructions would remain unchanged.

This decision should facilitate financial transactions for outgoing travelers and ensure better compliance with foreign exchange regulations.