Bangladeshi nationals going abroad for employment, immigration or self-employment can now open private foreign currency accounts without initial deposits, the central bank said yesterday.

The accounts can be opened in authorised dealer banks by Bangladeshi nationals working or residing abroad, foreign nationals residing abroad or in Bangladesh, foreign missions and their expatriate employees, Bangladesh Bank said in a statement.

Foreign firms registered abroad and operating in Bangladesh or abroad, Bangladeshi nationals working in foreign or international organisations in Bangladesh eligible to receive salary in foreign currency will also be allowed to open such accounts. No prior approval from the central bank is required to open such account, it said.

The accounts opened by non-resident Bangladeshis may be maintained as long as the accountholders desire even after their return. Accountholders may operate the accounts themselves or nominate other persons in Bangladesh for this purpose.

Remittance from abroad through banking channel may be sent to these accounts. These accounts may be credited with transfer of fund from other foreign currency accounts.

Besides, foreign currency brought into Bangladesh in cash by the accountholder while on visit may be deposited in such account. The foreign currency deposited in this account is freely convertible into taka. The deposited foreign currency may easily be sent abroad through banking channel.

Source: The Daily Star/ Bangladesh/ 9th Dec 2011