FEPD Circular Letter No. 2022-4706: Encashment/Deposit of Foreign Currency held by resident Bangladeshi

50119

Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Bangladesh.

Date: 23 Bhadra, 1429
07 September, 2022

Letter No.-FEPD(FAANFBPI)/101/2022-4706

Chief Executive Officer/Managing Director
All Approved Dealer Banks engaged in foreign currency transactions Head Office/Principal Office and All Licensed Money Changers.

Dear Sir,

Regarding Encashment/Deposit of Foreign Currency held by resident individuals.

With reference to the press release of Bangladesh Bank issued via letter No. DCP(PR)05/2022-301 dated August 31, 2022, on the subject cited above, the said press release is enclosed herewith for your information and necessary action.

Yours faithfully,

(Mohammad Sarowar Hossain)
Director (FEPD)
Phone: 9530123
E-mail: mds.hossain@bb.org.bd

Phone: 88-02-9550448, 9554896, IP: 88-02-55665001-6, Fax: 88-02-9530479, www.bb.org.bd

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Bangladesh Bank

Regarding Encashment/Deposit of Foreign Currency held by resident individuals

Resident Bangladeshi individuals may keep up to ten thousand US Dollars or equivalent foreign currency brought from abroad in their own possession or deposit it as a Resident Foreign Currency Deposit with an approved dealer bank, and may also carry the said foreign currency with them on subsequent foreign travel. It is mandatory for resident Bangladeshi citizens to sell the additional amount of foreign currency brought exceeding ten thousand US Dollars to an approved dealer bank/licensed money changer or deposit it in a Resident Foreign Currency Deposit account within one month of coming to the country.

Possession of foreign currency beyond the above authority is a punishable offense under the Foreign Exchange Regulation Act, 1947. It is requested that foreign currency not under authority, if held by resident Bangladeshis, be sold to an approved dealer bank/licensed money changer by September 30, 2022. Strict legal action will be taken against any resident individual found in possession of unauthorized foreign currency after the specified time.

This notice is issued in the public interest.

If you face harassment in banking and financial services or have any complaint, please call 16236.