BB allows wage remittances via exchange houses to forex accounts

The Bangladesh Bank has allowed foreign currency remittances received through overseas exchange houses and International Money Transfer Operators (IMTOs) to be credited directly to Private Foreign Currency (PFC) and Non-Resident Foreign Currency Deposit (NFCD) accounts.
The move aims to facilitate foreign currency savings and make it more convenient for remittance recipients to maintain such deposits.
In a circular issued on Wednesday, the central bank said the decision was taken to ensure smoother inflows of foreign currency deposits while maintaining compliance with existing foreign exchange regulations.
According to the circular, credits to PFC and NFCD accounts are already permitted against inward foreign exchange remittances, particularly those received through banking channels under prevailing regulations.

Under the revised arrangement, foreign currency remittances routed through overseas exchange houses and IMTOs may also be credited to eligible PFC and NFCD accounts, subject to applicable regulatory requirements.
The move is expected to provide greater flexibility to remittance recipients and non-resident Bangladeshis by expanding the channels through which foreign currency deposits can be maintained.
Industry insiders said the initiative could particularly benefit NRBs who do not maintain bank accounts in their countries of employment, allowing them to retain part of their overseas earnings in foreign currency accounts in Bangladesh.

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