Regulatory Alerts2024-09-25
Added · Updated
FEPD Circular Letter No. 14: Settlement of payments for current account transactions under ACU mechanism
Authorized Dealers in Foreign Exchange in Bangladesh are required to settle payments for current account transactions with ACU member countries using the ACU mechanism as outlined in Paragraph 2, Chapter 3 of the Guidelines for Foreign Exchange Transactions-2018. The directive explicitly prohibits the continued use of traditional payment mechanisms for these transactions and mandates adherence to the ACU framework. This requirement applies to transactions involving ACU member countries including India, Iran, Nepal, Pakistan, Sri Lanka, Myanmar, Bhutan, and Maldives.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular Letter No. 14 Date: September 25, 2024 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Settlement of payments for current account transactions under ACU mechanism. Paragraph 2, chapter 3 of the Guidelines for Foreign Exchange Transactions-2018, outlines operational procedures to settle payments for current account transactions under ACU mechanism with ACU member countries - India, Iran, Nepal, Pakistan, Sri Lanka, Myanmar, Bhutan and Maldives. 2. In many cases, Authorized Dealers are found practicing traditional payment mechanism with ACU member countries. ADs are asked to refrain from such practices with advice to adhere to ACU mechanism for respective transactions. Please bring the contents of this circular letter to the notice of all concerned. Yours faithfully,
(Monoar Uddin Ahmed) Director (FEPD) Phone: +880-255665001-6/22128