Regulatory Alerts2018-06-28
Added · Updated
Issuance of guarantee on behalf of foreign owned/controlled companies in favour of residents against foreign back to back guarantee
Authorized Dealers in Bangladesh are permitted to issue guarantees, bid bonds, or performance bonds in Taka or convertible foreign currency on behalf of foreign owned or controlled companies operating in Bangladesh, favoring local authorities. This authorization is conditional upon the existence of an acceptable foreign back-to-back guarantee covering the guaranteed amount. Authorized Dealers must verify legitimate arrangements for the specified purposes, arrange suitable coverage for exchange rate fluctuations when issuing local currency guarantees against foreign currency counter-guarantees, and conduct due diligence in accordance with KYC/AML/CFT standards. These instructions are effective immediately.
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.