The Bangladesh Bank on Tuesday allowed banks to open foreign currency accounts in the names of shipping companies, airlines and freight forwarders to support their global operations.

The BB issued a circular in this regard on the day.
The decision came amid the growing trend of global operations by Bangladeshi shipping companies and airlines, according to the notice.

So, authorised dealers are allowed to open FC accounts in the names of such companies with global operations, it said.

Up to 75 per cent of the inward remittances received by these companies can be kept as deposits in FC accounts, with the remaining amount to be encashed in the local currency.

The BB also allowed outward remittances from these FC accounts, which can be disbursed in connection with the management of ships or aircraft.

In addition, banks are also permitted to open FC accounts in the names of Bangladeshi shipping companies and airlines renting ships, containers or aircraft to operators abroad.

In such accounts, 50 per cent of the inward remittances can be credited, while the rest must be encashed.

The balances held in these accounts can be used to meet bonafide expenditures abroad related to the respective ships, containers, or aircraft, the notice said.