Dhaka, Wed, Apr 2018


NRBs, BD-origin persons free to open foreign currency account

30 January 2017,Monday, 23:23

Non-resident Bangladeshis (NRBs) and those with dual nationality residing abroad can now open Non-Resident Foreign Currency Deposit (NFCD) accounts with banks authorized for dealing with foreign currency in the country, UNB reports.

Bangladesh Bank in a circular issued by Foreign Exchange Policy Department on Monday, said, "All the NRBs and persons of Bangladesh-origin, including those having dual nationality and originally residing abroad are now permitted to open the NFCD accounts with authorised dealers (ADs).”

Removing all ambiguities in this regard, the BB said, the Guidelines for Foreign Exchange Transactions-2009 (GFET) allow account-holders to maintain the accounts as long as they desire. Eligible persons are also allowed to open such accounts anytime after their return to Bangladesh.

The central bank further said, "This is to clarify that NRBs may, after their return to Bangladesh, open NFCD accounts with ADs to credit their retirement benefits, periodical pensions, superannuation benefits etc. as per employment agreement with employers while on service abroad.

The balances held in the accounts may be used for settlement of legitimate payment abroad, subject to production of documentary evidence and deduction of applicable taxes, the circular said.

Banking sector sources said NRBs and Bangladeshi-origin people living abroad have been enjoying such facilities for long. But there were some ambiguities in the process such as whether they could maintain such accounts after their retirement from job or after permanently returning home.

"Through the latest circular, the central bank clarified the matters and removed all ambiguities in this regard," said the source.


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