DHAKA, Feb 28, 2024 (BSS) - Prime Minister Sheikh Hasina today instructed not to arrange iftar parties on a larger scale at the official level during the upcoming holy month of Ramadan.

The prime minister came up with the instruction at a regular cabinet meeting, Cabinet Secretary Md Mahbub Hossain told a press briefing at the Bangladesh Secretariat here. 

The meeting was held at the Prime Minister's Office (PMO) here with Prime Minister Sheikh Hasina in the chair.

Speaking at the briefing, Mahbub Hossain said there is an instruction from the Prime Minister that no big iftar party can be arranged at government level during the Ramadan.

Responding to a question, he said the premier also discouraged the private sector from holding iftar parties.

About offshore banking, the cabinet secretary said the cabinet today in principle approved the draft of Offshore Banking Act, 2024.

He said non-resident people and other institutions investing here can open offshore accounts as per the law, but they must take a license from Bangladesh Bank for offshore banking.

He said the banking activities can be conducted in US dollar, Euro, Pound, Japanese Yen and Chinese Yen currencies.

When asked whether there is any credit limit on offshore banking, Mahbub said the credit limit will be fixed and any amount can be borrowed.

Stating that offshore banking will be conducted in accordance with the contemporary international financial system, he said in 1985, it was first started in EPZ in Bangladesh, but no interest is given, like current account. 

Interest will now be given in offshore banking, he added.

The cabinet secretary said many countries have increased their foreign reserves and financial structure by following this method, while they have received millions of dollars in investment.

"This is not going to be introduced only to increase the foreign exchange reserve, but we are going to do this because we will get benefit economically from it," he said.