BB allows remittances through exchange houses to be credited to foreign currency accounts

Under the existing rules, foreign currency received as inward remittances could be credited to PFC and NFCD accounts, particularly when received through banking channels.

The Bangladesh Bank has allowed foreign currency remittances received through overseas exchange houses and international money transfer operators (IMTOs) to be credited directly to Private Foreign Currency (PFC) and Non-Resident Foreign Currency Deposit (NFCD) accounts.

The central bank issued a circular today (23 September), saying the move aims to facilitate foreign currency savings and make it more convenient for remittance recipients while ensuring compliance with existing foreign exchange regulations.

Under the existing rules, foreign currency received as inward remittances could be credited to PFC and NFCD accounts, particularly when received through banking channels.

Under the revised arrangement, remittances routed through overseas exchange houses and IMTOs may also be credited to eligible PFC and NFCD accounts, subject to applicable regulatory requirements.

The move is expected to give remittance recipients and non-resident Bangladeshis greater flexibility in maintaining foreign currency deposits by expanding the channels through which such funds can be credited.

Industry insiders said the initiative could particularly benefit non-resident Bangladeshis who do not maintain bank accounts in their countries of employment, allowing them to retain part of their overseas earnings in foreign currency accounts in Bangladesh.

Source: The Business Standard

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BB allows remittances through exchange houses to be credited to foreign currency accounts

Under the existing rules, foreign currency received as inward remittances could be credited to PFC and NFCD accounts, particularly when received through banking channels.

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