Regulatory Alerts2018-07-24
Added · Updated
FEPD Circular No. 23: Interest Rate on Resident Foreign Currency Deposit (RFCD) Accounts
Authorized Dealers in Foreign Exchange in Bangladesh may now apply interest on Resident Foreign Currency Deposit (RFCD) account balances at Eurocurrency deposit rates. This change supersedes the previous requirement that interest rates be set at one quarter percent (0.25%) less than the rate paid on balances in foreign currency clearing accounts maintained with Bangladesh Bank. The instruction is effective immediately, and all other existing instructions regarding RFCD accounts remain unchanged.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka www.bb.org.bd FE Circular No. 23 Date: 24/07/2018 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Interest Rate on Resident Foreign Currency Deposit (RFCD) Accounts. Please refer to paragraph 25, chapter 13 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1, in terms of which rate of interest on the balances of RFCD account shall be one quarter percent (0.25%) less than the rate at which interest is paid on balances of bank in their foreign currency clearing accounts maintained with Bangladesh Bank. To encourage deposit in RFCD Accounts, it has now been decided that Authorized Dealers may apply interest on the balances of the RFCD accounts at Eurocurrency deposit rates. Other instructions in this regard shall remain unchanged. Please bring the above instruction, effective immediately, to the notice of all your concerned clientele.
Yours faithfully,
(Md. Kawsar Matin) Deputy General Manager Phone: 9530487
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