Finance
Offshore Banking Approval of Offshore Banking Act
Own Correspondence, Dhaka, 29 February 2024: The Cabinet has given in-principle and final approval to the Offshore Banking Act. To open an offshore bank, a license must be obtained from Bangladesh Bank. Transactions can be made in five currencies. The decision in this regard was announced in the cabinet meeting on Wednesday.
A meeting was held in the cabinet meeting room at the Prime Minister's office this morning. Prime Minister Sheikh Hasina presided over the meeting.
Cabinet Secretary Mahbub Hossain briefed journalists at the secretariat after the meeting.
He said, non-resident Bangladeshis or non-resident institutions can open accounts for offshore banking. Bangladeshis can also get its license. Stating that it is the latest banking system, the Cabinet Secretary also said that various countries around the world have developed their economic systems through this banking system. It is being used in the contemporary international world.
Mahbub Hossain also said that the government is starting a new banking program called offshore banking to facilitate domestic and foreign investment. Offshore banking has been legislated for overall economic development. Many countries around the world have benefited from using this system.
