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FCY Retention Account

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

Forex retention account shall mean FCY account maintained by eligible exporters of goods and services and recipients of inward remittances from abroad. It can be opened to exporters and frequent SWIFT remittance receivers.

TYPES OF RETENTION ACCOUNTS

Account “A”

  • Thirty percent (30%) of his/her account balance for an indefinite period of time.

Account “B”

  •  Seventy percent (70%) of his/her account balance for up to 28 days after which period any balance shall automatically be converted in the next working day into local currency by the bank using the prevailing buying rate.
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