Dhaka, March 3 -- 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.

The Bill allows offshore banking to source foreign currency funds from foreign entities, in...