Bangladesh, Oct. 7 -- Bangladesh Bank (BB) has allowed designated authorised dealer (AD) banks to open and maintain foreign currency (FC) accounts in the names of eligible private sector industrial borrowers to retain proceeds of approved foreign loans.

The central bank issued the instruction today (Wednesday), aiming to facilitate cross-border settlement of payments from approved foreign loans, BSS reports.

According to the circular, private sector industrial enterprises in Bangladesh can avail themselves of medium- and long-term external financing subject to prior approval from the competent authorities.

The AD banks will have to obtain and retain copies of the specific approval of the competent authority for the foreign loan, incl...