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Foreign Currency Denominated Accounts commonly referred to us FCDA's are accounts maintained in foreign currencies.FCDA's are available to individuals, businesses or NGOs that have a foreign currency income stream. Deposits into FCDA's can only be made from external sources; FCDA holders cannot purchase foreign currency from money bureaus and deposit into an FCDA.
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FOREIGN CURRENCY DENOMINATED ACCOUNTS (FCDA’s)
Features:
* The Central Bank (RBM) currently allows FCDA holders to retain 60 % of their Foreign Currency export proceeds into their FCDA.
* Customers with FCDA's can retain up to 100% of the Forex received from other sources like donations
* FCDA's are available in the following currencies: US dollars, Euros, British Pounds and South African Rand.
Benefits:
* Competitive interest rates are payable in line with international money market rates..
Current Interest rates on FCDA's are as below:
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