Regulatory Alerts2024-05-08
Added
FE Circular No. 10: Facilitating Operations of Private Foreign Currency Accounts and Non-Resident Foreign Currency Deposit (NFCD) Accounts
Authorized Dealers may open Private Foreign Currency Accounts and NFCD Accounts in any approved foreign currency, including USD, EUR, GBP, JPY, AUD, CAD, CHF, CNH, and SGD. The circular establishes annual interest rate ceilings for term deposits based on the benchmark reference rate of the deposit currency: Benchmark reference rate + 1.5 percent for deposits up to one year, + 2.25 percent for those above one year up to three years, and + 3.25 percent for those above three years up to five years.
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fx
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