Bangladesh Bank issues clarification to clear up confusion over foreign currency accounts

The Bangladesh Bank has clarified that non-resident Bangladeshis can open Foreign Currency Accounts (FCAs) in any regular bank in the country and any money can be deposited in these accounts without permission from the Bangladesh Bank. Bangladesh.

If expats bring any amount of cash, dollars or other foreign currencies when they arrive, they can deposit it into their bank account and exchange it for local currency. Expats can deposit $10,000 into their accounts without declaring it to customs authorities.

The central bank issued a notice in this regard on Tuesday to inform people and clear up confusion about the free transfer of foreign currency overseas.

Under the current foreign exchange policy, Bangladeshis living abroad can operate private foreign currency accounts or foreign currency deposit accounts of non-residents in banks in the country.

Any amount of foreign currency sent from abroad or brought into Bangladesh from abroad can be deposited in these accounts without asking any questions.

In addition, expatriates upon departure may take money abroad with them in the form of cash, up to a maximum of $5,000, and other foreign currency as needed, subject to the state of the account balance.

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