Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has relaxed its regulations, allowing the banks to make payment for advertisement of Bangladeshi products in global mass media like Google and Facebook, officials said.
Under the relaxations, the commercial banks are allowed to make remittances for advertisement of local products in mass media abroad without prior approval from the Bangladesh Bank (BB), the country’s central bank.
The BB issued a circular in this connection on Tuesday and asked the commercial banks to follow the latest instruction for making payment against advertisements in the international mass media.
“The central bank expects that it would facilitate online advertisement of local products in the international mass media like Google and Facebook in the near future,” a BB senior official told BBN in Dhaka.
The central bank has issued the directive in line with the Bangladesh Association of Software and Information Services (BASIS) recommendation, he added.
“It is clarified that ADs may send remittance towards cost of advertisement of Bangladeshi products in foreign electronic and online media in dynamic, image, video, interactive and/or other formats, after satisfying themselves with genuine and bona-fide requests through agreement and invoices as well as after deducting all applicable taxes,” the central bank said in the directive.
The central bank also said remittances under the authority of this circular may only be made through an authorized dealer (AD) branch designated by the remitters for the purpose under intimation to BB Foreign Exchange Operation Department of Dhaka or other area offices.
BBN/SSR/AD