FEPD Circular Letter No. 12: Foreign Currency Accounts for Firms Executing Local Projects

Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 12 Date: May 20, 2021 Head Offices/Principal Offices of All Authorized Dealers in Bangladesh Dear Sirs, Foreign currency accounts for firms executing local projects In terms of paragraph 4, chapter 13 of the Guidelines for Foreign Exchange Transactions￾2018 (GFET), Vol. 1 Authorized Dealers (ADs) are allowed to open foreign currency accounts in the names of local and joint venture contracting firms employed to execute projects by foreign donors/international donor agencies as per terms of the approved contract with the government authority. ADs are also allowed to open foreign currency account in the names of branch offices/liason offices of foreign companies operating under approval from Bangladesh Investment Development Authority or other competent authority according to paragraph 1, chapter 13 of GFET. 02. It is to clarify that, ADs may also open foreign currency accounts in the names of local and joint venture contracting firms employed to execute projects by foreign/international agencies under the purview of paragraph 4, chapter 13 of GFET . Please bring the contents of this circular letter to the notice of your concerned clientele. Yours faithfully, (Md. Shahidul Islam) General Manager (Current Charge) Phone: 9530123