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BB allows forex accounts in Chinese Yuan

  • Staff Correspondent
  • 16 September, 2022 12:00 AM
  • Print news

Bangladesh Bank (BB) has allowed authorised dealer banks to open foreign currency clearing account in Chinese Yuan Renminbi (CNY) amid pressure on US dollar reserves.

The Foreign Exchange Policy Department (FEPD) of the central bank issued a circular in this regard on Thursday.

“To bring wider scope, it has been decided that ADs may maintain accounts in CNY with their correspondents/branches abroad for settlement of cross-border transactions executed in this currency,” reads the circular signed by Sarwar Hossain, director at FEPD.             

Talking to the Daily Sun, the central bank official said the circular is issued only for a reminder to the authorized dealers of as directives were incorporated in the exiting foreign exchange policy.