Commercial establishments—including hotels, resorts, restaurants, and shopping malls—can retain up to 15% of foreign currency earned from foreign tourists and shoppers via international cards in their Foreign Currency (FC) accounts.
The remaining amount must be encashed into Bangladeshi Taka according to regulations.
The Foreign Exchange Policy Department (FEPD) of Bangladesh Bank issued a circular in this regard on Sunday (October 25).
The instructions have been sent to all Authorized Dealer (AD) banks across the country.
According to the circular, a maximum of 15% of foreign currency earned against the sale of goods and services to foreign tourists and buyers through international cards or approved payment systems can be deposited into the respective business's FC account.
The remaining balance must be converted into Taka following standard rules.
Funds deposited in the FC account can be used for legitimate foreign currency transactions via international cards and for paying applicable VAT and taxes.
In addition to maintaining proper infrastructure to accept international cards, the relevant establishments must strictly comply with directives regarding Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), as well as Know Your Customer (KYC) guidelines.
The central bank hopes that this initiative will make it easier to receive foreign currency from foreign tourists and buyers and use it to conduct legitimate international transactions.
