BB allows opening foreign currency deposit accounts

By Hasan MajorJul 17, 2022, 11:15 PM Asia/Dhaka1 Min Read

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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.

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Hasan Major

Md. Mahamudul Hasan, widely known as Hasan Major, is a career journalist with over two decades of professional experience across print, broadcast and digital media. He is the founding Editor of Zoombangla.com. He has previously worked for national English daily New Age, The Independent, The Bangladesh Observer, leading Bangla daily Prothom Alo and state-owned Bangladesh Betar. Hasan Major holds both graduate and postgraduate degrees in Communication and Journalism from the University of Chittagong.