FEPD Circular Letter No. 03: Addendum to Policy on Drawing Arrangements Between Exchange Houses and Banks

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd

FE Circular Letter No. 03 Date: January 19, 2025 Head offices/principal offices of all Authorized Dealers in Bangladesh Dear Sirs, Addendum to “Policy regarding the establishment of Drawing Arrangement between the Exchange House abroad and the Bank operating in Bangladesh” Please refer to Paragraph 2 and 3, Appendix 6/2 of Guidelines for Foreign Exchange Transactions (GFET) Vol. 1, regarding the requirement of compliance to be observed by Authorized Dealers (ADs) and exchange house(s). 02. To bring transparency in transactions, following instructions shall be included in the policy framework as – ‘2 (vii) - Exchange house(s) shall have to mention source foreign currency, conversion rate and remitted amount in BDT for each remittance transaction in the disbursement instructions sent to bank(s) in Bangladesh.’ ‘3 (xix) - Authorized Dealers (ADs) shall have to mention source foreign currency, conversion rate, disbursed remittance and cash incentive amount in BDT in the receipt/SMS/e-mail provided to beneficiary during disbursement of remittance.’ ADs are advised to bring the contents of this circular letter, effective from February 01, 2025, to the notice of their foreign counterparts having drawing arrangements and update their operational procedures as needed. Yours Faithfully, Monoar Uddin Ahmed Director (FEPD) Phone: +8802-9530119