Parliament passes 'Offshore Banking Act, 2024' to boost foreign exchange reserves and attract investment

Parliament passes 'Offshore Banking Act, 2024' to boost foreign exchange reserves and attract investment

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Introducing the bill, the Finance Minister said that according to the proposed law, non-resident individuals or foreign companies who will invest in Bangladesh can open offshore bank accounts.

“Offshore banking requires a license from Bangladesh Bank,” he said.

Offshore banking operations can be conducted with five currencies – the US dollar, pound, euro, Japanese yen and Chinese yen.

Any relative of a Bangladeshi living abroad can open an account and manage the account as a supporter.

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