BB nods foreign currency accounts for Bangladeshi airline, shipping companies

The Bangladesh Bank (BB) has given the Bangladeshi airlines and shipping companies the approval for opening foreign currency accounts, reports UNB.

These shipping and airline companies are expanding their services abroad and earning foreign currency.

The companies can meet necessary expenses from these accounts, the central bank said in an announcement on Tuesday.

The Bangladeshi shipping companies and airlines are expanding their business outside the country exponentially. Considering this, 75 per cent of the money that will come from abroad as income can be deposited as foreign currency in these account, the statement added.

The BB also said that the remaining of the money has 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 per cent of the foreign exchange received can be deposited in foreign currency, 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 highly dependent on the agents for business abroad. The initiative from the BB will reduce that reliance.

The central bank said that it expects this initiative will help the local airlines and shipping companies further expand their business abroad.