BB asks banks to repatriate forex funds without obstacle

The central bank has asked scheduled banks to facilitate repatriation of funds, without creating any obstacle, out of balances held in the foreign currency accounts, officials said.

“….you are advised to instruct all your authorised dealer (AD) banks to facilitate repatriation of fund, without creating any obstacle, out of balances held in the respective foreign currency accounts of accountholders opened and maintained under general authorisation,” the Bangladesh Bank (BB) said in a circular on Tuesday.

The central bank issued the circular after informing that the existing foreign exchange regulations are not observed by AD banks, resulting in unnecessary harassment faced by accountholders to repatriate funds abroad out of balances held in their respective foreign currency accounts.

“This is to reiterate that the balances held in the concerned foreign currency accounts are repatriable abroad without approval from the central bank,” it noted.