JAKARTA - Bangladesh Bank said on June 23 that non-resident Bangladeshis can open Non-Resident Convertible Taka Accounts, or NRCTAs, through offshore banking units of scheduled banks in Bangladesh. The rules took effect immediately, according to a BSS report citing the central bank. 

The accounts will be held in taka. They may be opened as savings, current or fixed deposit accounts, with market-based interest or profit rates. The June 23 directive cites the Offshore Banking Act, 2024 and the Foreign Exchange Regulation Act, 1947 as its legal basis.

Funds may come from inward remittances, non-resident foreign currency accounts, other NRCTAs, interest or profit income, approved investment proceeds, share subscription refunds and other authorised payments. Bangladesh Bank said both principal and accrued earnings will be freely repatriable.

A senior central bank official told The Business Standard that expatriates will be able to open current, savings or fixed deposit accounts through offshore banking units using money sent through banking channels.

The accounts can also be used for local payments, transfers to other non-resident accounts, conversion into foreign currency accounts and approved investments. Bangladesh Bank said the facility will keep taka deposits repatriable for non-resident account holders.

Bangladesh Bank set limits on loans backed by NRCTA deposits. The circular says “no direct or indirect foreign exchange benefit” may be given to a depositor for pledging those deposits.

Loan repayment must come from adjustment of the pledged deposit or from fresh inward remittances through formal banking channels. The rule is meant to stop account holders from using pledged taka deposits to gain a separate foreign exchange advantage.

The rules were issued during a rise in formal remittances. Bangladesh Bank data released on June 24 showed expatriate Bangladeshis sent more than $35 billion from July 2025 to June 23, up 17.8 percent from $29.72 billion in the same period of FY2024-25, according to BSS.

Offshore banking units may use taka deposits raised through NRCTAs to provide taka loans to Type A industrial enterprises in export processing zones, economic zones and hi-tech parks. Those loans are limited to current expenses such as salaries, wages and utility bills.

Repayments for those loans must come only from export proceeds. Domestic banking units may also lend against NRCTA deposits kept under lien for personal and business purposes.

The financing cannot be used for relending, agriculture, plantation activities or real estate business ventures. Bangladesh Bank said eligible uses include non-repatriable direct investment in Bangladesh and the purchase of residential property for the account holder’s own use.