Dhaka, June 23 -- Bangladesh Bank on Tuesday launched a new banking facility called the "Non-Resident Convertible Taka Account" for expatriate Bangladeshis, allowing them to freely repatriate their principal funds and earned profits from abroad.

A directive to this effect was dispatched to the managing directors and chief executives of all scheduled banks operating across the country today.

According to the central bank, the primary objectives behind introducing this account are to channel remittances more effectively through formal networks, step up investment opportunities, and expand offshore banking operations of scheduled banks.

Under the new guidelines, expatriates can open non-resident convertible taka accounts by funneling fund...