Dhaka, April 27 -- The foreign airlines operating flights to and from Bangladesh have their $323 million blocked in the country, the International Air Transport Association or IATA has said.

In a statement dated Tuesday, IATA also called on Bangladesh and Pakistan to immediately release airline revenues that are being held in contravention of international agreements.

"The situation has become severe with airlines unable to repatriate over $720 million ($399 million in Pakistan and $323 million in Bangladesh) of revenues earned in these markets," the statement said.

The timely repatriation of revenues to their home countries is critical for payment of dollar denominated expenses such as lease agreements, spare parts, overflight fees, ...