Previously, the central bank allowed the opening of foreign currency accounts on behalf of local contracting companies and employee joint ventures.
Bangladesh Bank (BB) has authorized licensed brokers to open foreign currency accounts on behalf of branches or liaison offices of foreign companies, operating under the approval of the Bangladesh Investment Development Authority (BIDA) or other bodies. competent.
Foreign investors are required to open temporary bank accounts to bring invested money to Bangladesh, in accordance with the terms of the contract approved with the government authority under the Foreign Exchange Guidelines 2018 (GFET).
Previously, the central bank allowed the opening of foreign currency accounts on behalf of local contracting companies and joint ventures employed to execute projects only by foreign donors or international donor agencies.
Authorized dealers can now open foreign currency accounts at their locally managed branches.
The central bank’s Foreign Exchange Policy Department (FEPD) issued a circular on the matter on Thursday.
Speaking to the Dhaka Tribune, Rizwan Rahman, chairman of the Dhaka Chamber of Commerce and Industry (DCCI), said BB’s decision was imperative for foreign direct investment (FDI), as well as for businesses.
This will allow Bangladesh to attract FDI, as BB’s decision would allow for a more conducive business environment. It’s really commendable, Rizwan also said.