DOT Desk: [2] Bangladesh Bank (BB) has allowed receiving inward remittances through online payment gateway service providers (OPGSPs), reports The Daily Sun.
[3] The foreign exchange policy department of the central bank yesterday issued a circular approving the authorized dealers (ADs) banks to repatriate remittances through OPGSPs.
[4] The circular states that ADs are required to enter into an arrangement with internationally-recognized OPGSPs and maintain separate nostro (an account that a bank holds in a foreign currency in another bank) collection account for each OPGSP.
[5] “Service exporters availing of this facility are, among others, allowed to open notional accounts with only those OPGSPs having arrangements with ADs in Bangladesh,” the circular says.
To widen the scope of repatriation of income against service exports, the central bank decided that ADs may allow their service exporter-customers to enter into arrangements, including maintenance of merchant accounts, with international marketplaces or platforms.