Regulatory Alerts2017-03-20
Added · Updated
Issuance of guarantee on behalf of non-residents in favor of residents in Bangladesh
Authorized Dealers (ADs) are permitted to issue guarantees, bid bonds, or performance bonds in local currency on behalf of non-residents in favor of residents in Bangladesh. This authorization requires ADs to hold a back-to-back foreign currency guarantee from an overseas correspondent or other bank abroad, with suitable coverage for exchange rate fluctuations. This amendment allows beneficiaries in Bangladesh to receive guarantees in Taka instead of foreign currency, while other existing instructions regarding these transactions remain unchanged.
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