Five bank managing directors are heading to New York on May 24 to promote offshore banking to expatriates, aiming to alleviate Bangladesh’s US dollar crisis. BRAC Bank, Dutch-Bangla Bank, Bank Asia, Agrani Bank, and City Bank will host a dinner event at New York LaGuardia Airport Marriott to introduce offshore fixed deposits offering tax-free profits of up to 8.40%. The initiative allows international fund transfers without restrictions. With Bangladesh Ambassador to the US as chief guest and key officials in attendance, offshore banking emerges as a vital channel to attract foreign currency deposits, potentially easing the country’s forex crunch. Currently, 40 banks operate offshore units, with outstanding loans reaching Tk 83,826 crore by September’s end.
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