Bangladeshi-owned shipping and airline companies can open foreign currency accounts: BB

Bangladesh Bank (BB) has approved the opening of accounts in foreign currency in the name of Bangladeshi-owned shipping companies and airlines.

These shipping and airline companies are expanding their services abroad, earning foreign currency. The central bank said that the companies can meet necessary expenses from these accounts.

The BB announcement said that the overseas activities of Bangladeshi shipping companies and airlines are expanding. Considering this, 75 percent of the money that will come from abroad as income can be deposited as foreign currency.

The remaining amount to be encashed in taka. Operating expenses of ships and aircraft can be carried out with foreign currency account status.

The central bank notification also said that Bangladeshi shipping companies and airlines that rent ships, containers or aircraft to foreign companies can also open accounts in foreign currency. In this case, 50 percent of the foreign exchange received can be deposited as such, which can be used to meet the necessary expenses of the ship, container or aircraft.

The BB officials say that now shipping and aircraft companies are doing business abroad depending on agents. The new guidance will reduce that reliance. Business of local shipping and airline companies will be expanded due to relaxing the foreign currency accounts.