Wadi’ah Retention Accounts
These types of accounts are opened by exporters. Customers are allowed to credits/deposits to these accounts only from export proceeds. Transfers can be done by SWIFT or telex Transfers through foreign banks, foreign currency cash notes deposited by foreign counterparts supported by customs declaration at the time of entering the country. Two types of retention accounts;
(a) Foreign exchange retention account A
The customer has to deposit 10% of the earned foreign currency as per the prevailing directive of NBE. The amount of this foreign currency used to settle the account holder’s obligation through foreign currency or converted to local currency when requested by the account holder.
(b) Foreign exchange retention account B
Customers are required to deposit 90% of the earned FCY up to 28 days. The balance shall automatically be converted into local currency after 28 days;