Following the implementation of the offshore banking law, City bank has successfully amassed nearly $21 million in offshore deposits. While others are actively promoting their offshore banking products, participating in a New York event on May 24th. However, most banks are reluctant due to a lack of direct relationships with foreign banks for maintaining nostro accounts, crucial for managing foreign funds. The law aims to bolster foreign deposits, offering tax exemptions and withdrawal flexibility to investors. Only a few banks have introduced offshore deposit products, with one offering competitive interest rates.
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