Bangladesh Bank announced on Tuesday that bankers will no longer need central bank approval for overseas travel for important official work, including business contracts. The central bank instructed commercial banks to create a “travel policy for external traveling.”
Currently, only managing directors (MDs) or chief executive officers (CEOs) of commercial banks need approval for international travel. The new directive allows officials involved in significant business meetings with foreign counterparts to travel abroad without prior approval.
This change exempts subordinate staff, including managing directors, from needing prior approval for official purposes such as collecting deposits for offshore banks and contracting with foreign banks. However, the ban on foreign travel funded by the bank itself, implemented in May 2022 to address the foreign exchange crisis, remains in place. Bank officials can still travel abroad for Hajj and emergency medical needs using personal funds.
The new circular also specifies that bank-funded travel for training, seminars, workshops, and study tours will continue to be prohibited.
