Bangladesh to Host Major Roadshow in the USA to Boost Dollar Deposits

Next Friday, on May 24, Bangladesh will host a significant roadshow in the USA, featuring 30 managing directors from various domestic banks. This event aims to attract dollar deposits in response to recent fluctuations in foreign exchange rates.

A total of 45 officials, including the managing directors of these 30 banks, will travel to the USA for a special promotional program designed to increase US dollar deposits in banks via offshore accounts. This marks the first time such a large gathering of Bangladeshi bank MDs will take place abroad.

Sources indicate that commercial banks are launching special campaigns to boost the flow of dollar deposits. The program will encourage expatriates to send dollars through official banking channels. To this end, a specific event focused on Offshore Banking Fixed Deposits has been organized for expatriates at a hotel in New York.

The Bangladesh Ambassador to the United States, Mohammad Imran, will serve as the chief guest at the event. Other special guests include Muhammad Abdul Muhith, Permanent Representative of Bangladesh to the United Nations in New York; Deputy Governor Kazi Sayedur Rahman; and Md Najmul Huda, Bangladesh Consulate General in New York.

This gathering highlights the increasing interest among Bangladeshi banks in diversifying their foreign currency reserves by exploring opportunities in offshore banking.

As part of this initiative, a promotional event has been organized to encourage Bangladeshis residing in the United States to deposit dollars through offshore banking.

During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.

According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.

Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.

However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.

According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.

The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.

The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.

Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.

Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.

Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”

Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.

Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.