Allow foreign firms to switch banks promptly
The central bank yesterday ordered banks to permit branches, liaison and representative offices of foreign companies promptly if they want to move their accounts to another lender.
Foreign firms operating in the country have complained to the Bangladesh Bank that their nominated banks are making undue delay in providing a no-objection certificate (NOC) when they want to switch to another bank.
Foreign firms have to secure the NOC from their existing banks to relocate their accounts as per the central bank rule.
The central bank has instructed banks to issue the NOCs immediately so that foreign companies can carry out businesses smoothly, a BB official said.
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