Regulatory Alerts2022-09-15
Added
FE Circular No. 25: Maintaining Correspondent Accounts in Chinese Yuan Renminbi (CNY)
Authorized Dealers in Foreign Exchange in Bangladesh are permitted to maintain accounts in Chinese Yuan Renminbi (CNY) with their correspondents or branches abroad for the settlement of cross-border transactions executed in this currency. This decision extends the scope of paragraph 1, chapter 4; paragraph 24, chapter 7; and paragraph 5, chapter 8 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1. Authorized Dealers must bring the contents of this circular to the notice of their relevant customers.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka Website: www.bb.org.bd FE Circular No. 25 Date: September 15, 2022 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Maintaining Correspondent Accounts in Chinese Yuan Renminbi (CNY) Please refer to FE Circular No. 25 of August 14, 2018 in terms of which Authorized Dealers (ADs) are permitted to open foreign currency clearing account with Bangladesh Bank in CNY. 02. To bring wider scope, it has been decided that ADs may maintain accounts in CNY with their correspondents/branches abroad for settlement of cross border transactions executed in this currency. Accordingly, the scope of paragraph 1, chapter 4; paragraph 24, chapter 7; and paragraph 5, chapter 8 of the Guidelines for Foreign Exchange Transactions-2018, Vol-1 shall stand extended. Please bring the contents of this circular to the notice of your relevant customers. Yours faithfully , (Md. Sarwar Hossain) Director (FEPD) Phone: 9530123