Regulatory Alerts2020-10-29
Added · Updated
FEPD Circular Letter No. 38: Temporary accounts for foreign investment in Export Processing Zones (EPZs) and Economic Zones (EZs)
The document clarifies that Authorized Dealers and OBUs may open Temporary Non-Resident Taka Accounts and Temporary Foreign Currency Accounts for proposed companies in Export Processing Zones (EPZs) and Economic Zones (EZs) without prior approval from Bangladesh Bank. This permission applies to foreign investors contemplating investment, subject to the instructions in paragraph 2(b) of FE Circular No. 21 dated May 16, 2019, and paragraph 2(C), chapter 9 of the Guidelines for Foreign Exchange Transactions-2018. The regulations allow these accounts to park equity funds remitted from abroad for enterprises in these zones.
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