Offshore Banking Act, 2024 passed in JS

Offshore Banking Act- 2024 has been passed in the parliament in a bid to enhance the reserves of foreign currency and attract foreign investment.

 Finance Minister Abul Hassan Mahmood Ali moved the bill in the House, which was passed by voice vote with Speaker Dr Shirin Sharmin Chaudhury in the chair.

While placing the bill, the finance minister said as per the proposed law, non-resident individuals or foreign firms, who will invest in Bangladesh, can open offshore bank accounts.

“A license from Bangladesh Bank is required for offshore banking” he said.

The offshore banking operations can be run with the five currencies -US Dollar, Pound, Euro, Japanese Yen and Chinese Yen.