BB allows opening foreign currency deposit accounts

ZOOMBANGLA DESK: Bangladesh Bank (BB) has allowed authorised dealers (ADs) to open interest-bearing non-resident foreign currency deposit (NFCD) accounts.

It has been decided to temporarily permit ADs to raise fresh deposits under NFCD accounts without reference to the interest rate mentioned in the BB’s foreign exchange guidelines, as per a BB circular issued today.

These relaxations will also be applicable for NFCD accounts to be mentioned by foreign nationals and companies or 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, the circular added.