FCY Retention Account

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

Eligible customers may open two types of foreign exchange retention accounts (current accounts), which shall be designated as “Foreign Exchange Retention A” and “Foreign Exchange Retention B.”
Retention Rights:

Exporters of goods and services, as well as recipients of inward remittances, shall have the right to retain their FCY earnings in retention accounts as follows:

Account “A”

Can retain thirty percent (30%) of his/her account balance for an indefinite period.

Account “B”

Can retain 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.