Regulatory Alerts2020-03-19
Added · Updated
FEPD Circular Letter No. 09: Retention of foreign currency in single pool for back to back import payments
The circular clarifies that Authorized Dealers may settle back to back import liabilities using funds held in a single pool of repatriated export proceeds, regardless of whether those proceeds are associated with the specific import liabilities. This interpretation applies to the Guidelines for Foreign Exchange Transactions-2018 and permits the use of such funds on a maturity basis to minimize the involvement of the Authorized Dealer's own funds. Authorized Dealers are instructed to ensure their branches comply with these regulations to prevent cost burdens on exporters.
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