Parliament Passes ‘Offshore Banking Act, 2024’ to Boost Foreign Currency Reserves and Attract Investments

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.

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