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Promises and pitfalls

THE Offshore Banking Act 2024 that was enacted in March marks a significant transformation in the country鈥檚 financial sector. This legislative measure aimed at increasing foreign currency reserves can attract international investment and facilitate the modernisation of the banking sector. However, it creates a complicated set of strategic imperatives...

Sourcing foreign currencies

THE much-talked-about draft Offshore Banking Act 2024 was placed in parliament and finally promulgated by the government on March 14, 2024. This act aims to boost our foreign currency reserves and attract more foreign investments from foreign firms registered abroad...