Local shipping firms, airlines allowed FC accounts

The Bangladesh Bank has allowed banks to open foreign currency (FC) accounts on behalf of Bangladeshi shipping companies and airlines.

A central bank notice issued in this regard on Tuesday added that global operations by Bangladeshi shipping companies and airlines are witnessing a significant growth.

To better facilitate these industries, banks will now be able to open FC accounts for depositing 75 per cent of inward remittances, and the remainder must be encashed in local currency, reads the notice.

The regulator has also allowed outward remittances on accounts of bonafide disbursements in connection with the management of ships or aircrafts.

Bangladeshi private shipping companies and airlines that rent ships, containers or aircrafts to operators abroad will be able to utilise this particular facility as well. FC accounts so opened can be credited by 50 per cent of inward remittances with encashment of the remainder.

The balances held in the accounts can be used to meet bonafide expenses abroad pertaining to relative ships, containers or aircrafts.