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DEVELOPING STORY: Central Bank Modifies Diaspora Account Restrictions

August 31 , 2021

Beginning September 1, 2021, the requirement that obliged banks to surrender 30pc of forex deposited by diaspora account holders to the central bank will no longer apply.

However, the surrender requirements on remittance (personal transfer) and exports has been raised from 30pc to 50pc.

In addition, exporters will be able to use 40pc of their foreign currency deposits for an indefinite period of time.

The existing rule, which will be lifted as of tomorrow, limits the figure to 31.5pc.

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