B Mirror Desk : Up until now, only four authorized foreign currencies were available for expatriates to create accounts in. Nonetheless, expatriates will now have the option to open accounts in any foreign currency that is usable.

Additionally, the market has been allowed to choose the interest rate on international accounts opened in expatriates’ names. Therefore, going forward, the bank-customer relationship will be used to set the interest rate.

In this regard, Bangladesh Bank released a notification yesterday, Sunday, April 13.

The notification said that non-resident Bangladeshis will be able to open Private Foreign Currency (PFC) accounts and Non-Resident Foreign Currency Deposit (NFCD) accounts in usable foreign currencies in addition to the approved foreign currencies. It has also been decided to withdraw the fixed interest rate against PFC and NFCD accounts. As a result, banks will be able to determine the interest rate based on the banker-customer relationship.

According to many in the industry, people who stay abroad make money in several currencies. They are at ease saving in those nations’ own currencies. This opportunity has been granted for that reason. Banks will be able to pay interest on demand if the interest rate is made market-based. They will be able to pay more interest in that currency when demand for it is strong. Savings will rise much more as a result. Additionally, bankers anticipate that this will boost foreign exchange savings for expatriates.