BB starts discussions with banks on boosting remittance inflow

Posted by BankInfo on Thu, Jul 20 2017 10:30 am

Bangladesh Bank (BB) started discussions with commercial banks to find the ways of increasing remittance inflow against the backdrop of its falling trend in recent months.
"According to the government decision, BB on Wednesday held a meeting with senior officials of top 20 remittance-recipient banks to awake of receding remittance inflows," said BB's chief spokesperson Subhankar Saha on Wednesday.
He, also executive director of the central bank, said the government has already moved to bring the remittance inflow in upward trend through finding out its reasons.
He said the falling currency rate against dollar and low oil prices have hit the incomes of the Middle Eastern countries where most of the Bangladeshi migrants work.
"Some NRBs are also using informal channels, including mobile banking, for sending their money home," he added.
Regarding the today's meeting, a senior banker said the central bank called the meeting for taking suggestions from the bankers as the government think to cut remittance-sending cost for improving the flow of inward remittance in the ongoing fiscal year.
He said BB cannot take any decision in this regard yet and it will also hold another meeting with the senior officials of the commercial banks on July 24 for making the decision time buffeting.
"We also suggested the central bank to give incentive to the remittance receivers for motivating NRBs for sending remittance through banking channel," he added.
Recently, Finance Minister AMA Muhith said Bangladeshi expatriates will not have to bear any charge for sending home remittances as the government will take necessary measures in this regard.
"We'll not keep any charge on sending home remittances by expatriates for increasing the inflow of remittances and the Prime Minister has already given us instructions in this regard," he added.
The inflow of remittances dropped to US$ 12,769.45 million in the fiscal year (FY) 2016-17 from $14,931.15 million a year before, according to the BB data.

News:new nation/20-jul-2017
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