Prime Bank, BASIS sign MoU to ease banking transactions

Prime Bank and Bangladesh Association of Software and Information Services (BASIS) signed a Memorandum of Understanding (MoU) to ease banking transactions for BASIS.

The agreement was signed in a ceremony organized at the BASIS office recently.

Prime Bank Deputy Managing Director and CFO Mohammad Habibur Rahman Chowdhury and BASIS Secretary Hashim Ahmed signed the MoU on behalf of their respective sides.

The MoU was signed to provide an Export Retention Quota Account (ERQ) facility to BASIS member companies actively involved in outsourcing, BPO, business services, and professional and advisory services.

As a result, members can make payments (received through inward remittance) in USD accounts and BDT accounts simultaneously. A member may also transfer USD funds from his USD ERQ account to a foreign currency account for legitimate business purposes as per regulatory requirements and bank policy, said a press release.

Besides, members will have the facility of using an international card issued against their ERQ account, reports UNB.