Regulatory Alerts2023-11-29
Added
Maintaining FC accounts by resident Bangladeshis and others with Offshore Banking Operations
Offshore Banking Operations (OBOs) are now authorized to allow persons resident outside Bangladesh, including non-resident Bangladeshi nationals, foreign nationals, and foreign institutional investors, to open and maintain Foreign Currency (FC) accounts. Additionally, OBOs may maintain International Banking (IB) accounts for resident Bangladeshi individuals and corporate entities, including industrial enterprises in EPZs/EZs/HTPs, provided they have bonafide relations with non-residents. These accounts can only be credited by inward remittances through official channels, and balances can be used for transfers to on-shore accounts or outward remittances. OBOs are permitted to offer interest/profit on term deposits at rates ranging from benchmark reference rate + 1.5 percent for deposits up to 1 year, to benchmark reference rate + 3.25 percent for deposits above 3 years and up to 5 years.