Non-residents to get more offshore banking services
Bangladesh Bank has expanded the operational scope of Offshore Banking Units (OBUs) to allow them to serve a broader category of non-resident customers...
Tags : offshore banking
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...
Offshore banking gains ground amid dollar crisis
Offshore banking is becoming increasingly significant in Bangladesh, emerging as a pivotal sector for attracting foreign currency through enhanced investment and international trade facilitation...
Understanding offshore banking
Offshore banking involves the cross-border intermediation of funds and provision of services by banks located in offshore financial centres to non-residents...
Offshore banking boosts trade efficiency: BRAC Bank MD
Selim RF Hussain, managing director and CEO of BRAC Bank PLC, emphasised that the availability of foreign exchange liquidity through offshore banking enhances the efficiency of foreign trade financing, leading to cost-effective and greater economic efficiency...
Regulatory support remains crucial: Prime Bank DMD
Offshore banking in Bangladesh has evolved significantly since 1985, with loans totalling nearly $7 billion. However, regulatory support remains crucial for sustaining this growth, according to Shams Abdullah Muhaimin, deputy managing director of Prime Bank...
Bangladesh to discuss offshore banking opportunities with Saudi Arabia: FM
Foreign Minister Hasan Mahmud on Sunday said that Bangladesh would discuss financial sector cooperation with the Kingdom of Saudi Arabia, focusing on attracting deposits from Saudi companies into offshore banking accounts....
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...