Regulatory Alerts2025-01-13
Added
FEPD Circular No. 04: Retention of foreign currency in Agent’s Retention Quota accounts
Resident companies and firms acting as agents or trade facilitators may open and maintain foreign currency accounts in the name of Agent’s Retention Quota (ARQ) with Authorized Dealers. ARQ accounts can be credited up to 10 percent of receipts in foreign currency, provided the entities hold valid permissions if applicable and are active members of relevant trade associations. Funds in these accounts are usable for bonafide payments abroad under stipulations of paragraph 28, chapter 13 of GFET, including payments by international cards. This decision revises the last part of paragraph 27(d), chapter 13 of GFET and is effective immediately.
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