Prime Bank has signed a memorandum of understanding (MoU) with the Bangladesh Association of Software and Information Services (BASIS) to introduce the Export Retention Quota Account (ERQ) facility for BASIS member companies engaged in non-physical service exports such as outsourcing, BPO, business services, and advisory services.
Under this agreement, members can hold received payments in both USD and BDT accounts simultaneously. They may also transfer USD funds from their USD ERQ accounts to foreign accounts for legitimate business purposes, subject to regulatory requirements and bank policies. Furthermore, members are allowed to use international cards linked to their ERQ accounts. The MoU was signed by representatives from Prime Bank and BASIS, aiming to facilitate and support the growth of service exports.
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