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BB issues clarification to remove confusion over Foreign Currency Accounts

Bangladesh Bank (BB) in clarification said the non-resident Bangladeshis can open foreign currency accounts (FCA) in any scheduled banks in the country and any amount of money can be deposited to those accounts without the BB permission.

If the expatriates bring any amount of cash, dollars or other foreign currencies during arrival, they can deposit it to their bank accounts and exchange it in local currency. The expatriates can deposit USD $ 10,000 to their accounts without declaring it to the customs authorities.

The BB issued a notification in this regard on Tuesday to inform people and remove the confusion over free transferring of foreign currency abroad.

Under the existing foreign exchange transaction policy, Bangladeshis living abroad can operate private foreign currency accounts or non-resident foreign currency deposit accounts in the country’s banks.

Any amount of foreign currencies sent from abroad or brought to Bangladesh from abroad can be deposited to these accounts without question.

Besides, expatriates during departure can take abroad the money with them in the form of cash, a maximum amount of $ 5,000 and other foreign currency as required subject to the status of balance in the account.

The status of these foreign currency accounts operated in the name of expatriates or non-resident Bangladeshis can be freely sent abroad with interest. In this case, no approval of Bangladesh Bank is required.

Source: United News of Bangladesh