Regulatory Alerts2018-10-17
Added · Updated
FEPD Circular No. 29: Use of balances held in Foreign Currency (FC) accounts of Export Processing Zone (EPZ) and Economic Zone (EZ) enterprises
C type industries operating in Export Processing Zones (EPZs) or Economic Zones (EZs) are now permitted to access short-term foreign currency loans from their subsidiaries or associates located within the same zone for bonafide business transactions, including import payments. This authorization applies under the same conditions and manner as previously established for Type A and B enterprises, subject to the instructions in paragraph 28(A)(ii), chapter 13 of the Guidelines for Foreign Exchange Transactions-2018. These instructions are effective immediately.
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