Regulatory Alerts2008-05-25
Added · Updated
FEPD Circular Letter No. 655: Payment in Foreign Currency of Local Back to Back LC issued in Foreign Currency
The document clarifies that approved dealer banks must settle payments for local back-to-back letters of credit established in foreign currency through the clearing account maintained with Bangladesh Bank in foreign currency. This directive addresses complaints regarding inconsistent application of retention quota rules for direct versus concealed exporters and mandates strict adherence to existing circulars governing foreign exchange transactions and retention quotas.
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