The Offshore Banking Bill 2024 has been introduced in parliament with an aim to bolster foreign exchange reserves and entice foreign investment amid a global economic crisis. Finance Minister Abul Hassan Mahmood Ali placed the Bill, and it was then sent to the parliamentary standing committee on the ministry for review and report within a day. Bangladesh has been operating offshore banking since 1985 under a finance ministry notification, despite the absence of a specific law. In 2019, the central bank introduced an offshore banking policy, followed by several notifications. Now, it is being enacted to formalise this practice.

Source: bd News24 March 02, 2024 23:52 UTC