Regulatory Alerts2019-03-11
Added · Updated
Clarification on Cash LCAF for Transferable Letters of Credit under GFET-2018
The circular clarifies that cash LCAF refers specifically to Local Currency Advance Facility notes issued for imports other than those under non-project commodity loans, credits, or grants. This definition permits Authorized Dealers in Foreign Exchange in Bangladesh to open transferable letters of credit for such imports without seeking prior reference to Bangladesh Bank. The clarification applies to the provisions outlined in Paragraph 19(iii) of Chapter 7 of the Guidelines for Foreign Exchange Transactions (GFET)-2018, Vol.-1.
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