Central Bank amends move, says free transfer of funds via NRFC allowed

Following yesterday’s Daily FT exposure of concerns among dual citizens and recently returned expats over the new exchange rate rules, the Central Bank in a statement said that NRFC account holders could freely transfer funds. Daily FT learns the change by Central Bank was dated yesterday. See page 4 for CB statement.

Following is the press release issued by the bank: “The Central Bank wishes to state that the exchange control regulations have been relaxed significantly in the recent past in order to facilitate the transfer of funds between and among foreign currency accounts including foreign currency investments abroad. In keeping with such objective, the necessary Direction to Authorised Dealers has already been issued, amending the Directions dated 11 July 2012 in order to make it abundantly clear that any outward remittance by Non-Resident Foreign Currency (NRFC) Account holders would be freely permitted. Therefore, any concerns over the free transferability of NRFC funds should no longer arise.”