BACCO Welcomes Bangladesh Bank's New Measures to Simplify Foreign Transactions for Freelancers

The Bangladesh Association of Contact Center and Outsourcing (BACCO) has welcomed Bangladesh Bank's latest policy measures aimed at simplifying foreign exchange transactions for freelancers and digital service exporters, describing the initiative as a significant step toward strengthening the country's freelancing, BPO and digital export sectors.

In a press release issued on Thursday, BACCO said the new policy reflects the outcome of its long-standing advocacy, consultations and policy discussions with relevant stakeholders to ease foreign currency transactions for freelancers.

Under the new guidelines, freelancers will now be able to receive foreign earnings using electronic documents, including platform statements and emails, reducing dependence on conventional paperwork and making the remittance process faster and more efficient.

The revised policy also allows inward remittances of up to US$20,000 without formal declarations, enables online payment gateway transactions of up to US$10,000 per transaction, introduces a dual-currency Freelancer Card, and permits IT freelancers to retain up to 50 percent of their export earnings under the Export Retention Quota (ERQ). The retention limit for other service exporters has been set at 30 percent.

Tanvir Ibrahim, President of BACCO's Executive Committee, said the decision would significantly benefit Bangladesh's freelancing and outsourcing industry by enabling freelancers and service providers to conduct international transactions more efficiently, ultimately increasing foreign currency earnings and expanding digital service exports.

BACCO General Secretary Faisal Alim said the initiative would encourage both existing and aspiring freelancers by reducing transaction complexities and enabling more young professionals to participate confidently in global digital marketplaces, creating greater technology-driven employment opportunities.

According to BACCO, freelancing and the BPO industry remain among Bangladesh's most promising export-oriented sectors. The association emphasized that timely policy support, simplified financial transactions and stronger global market connectivity are essential for the industry's sustainable growth.

BACCO believes Bangladesh Bank's latest initiative will further strengthen the country's digital economy and enhance Bangladesh's competitiveness in technology-enabled service exports.

The association also thanked Bangladesh Bank for adopting the policy and reaffirmed its commitment to working with the government and other stakeholders to promote the continued development of Bangladesh's freelancing and outsourcing industry.
//DBTech/BMH/NAM//