Bangladesh Bank issues clarification on operating foreign currency accounts

Bangladesh Bank, in a clarification, said that non-resident Bangladeshis can open foreign currency accounts (FCA) in any scheduled banks in the country and any amount of money can be deposited with those accounts without permission from the central bank.

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

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

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 with 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 from Bangladesh Bank is required.