BB Lets Dealers to Open Foreign Currency Deposit Accounts

Bangladesh Bank has allowed authorized dealers (ADs) to open interest-bearing non-resident foreign currency deposit (NFCD) accounts in order to increase foreign currency flow.

The non-resident Bangladeshi nationals and persons of Bangladesh origin, including those having dual nationality and ordinarily residing abroad, will be eligible for opening such deposit account, said a circular of BB.

The BB's Foreign Exchange Policy Department (FEPD) issued a circular on Sunday and sent it to all ADs in foreign exchange in Bangladesh to effect the notification immediately.

The circular stated, “.....ADS have been permitted temporarily to raise deposits under NFCD accounts without reference to the interest rate mentioned in the BB’s foreign exchange guidelines.”

These relaxations will also be applicable for NFCD accounts to be mentioned by foreign nationals and companies/ firms registered or incorporated abroad, banks, and other financial institutions, including institutional investors, and 100 per cent foreign-owned industrial units in the export processing zones and Economic Zones in the country.