About 30pc still use informal channel for remittance
Saturday, 15 May 2010
FE Report
Nearly 30 per cent Bangladeshi migrants still depend on informal payment methods to transfer remittances, while only 20 per cent of them own bank accounts, a survey report revealed.
The survey, conducted by International Organization for Migration (IOM), associated with Mitra and Associates, has also revealed that 98.3 per cent migrants are males and of average age of 32 years.
However, more than 50 per cent of remittance-receiving households have bank accounts, the latest survey disclosed.
With support from DFID, the national level household survey on remittances was conducted in 2009 among 10,565 households aimed at gathering comprehensive information on the socio-economic profiles of migrants, remittance sending as well as utilisation behaviour of migrants and the receiving households across the country.
The survey findings were launched on Wednesday at a city hotel in presence of Bangladesh Bank Governor Dr. Atiur Rahman as chief guest.
Secretary of the ministry of expatriate welfare and overseas employment Zafar Ahmed Chowdhury, international remittance expert Dr. Manuel Orozco, World Bank senior economist Zahid Hossain and IOM Regional Representative Rabab Fatima attended the function.
The survey also discovered that most migrants had little education and over 90 per cent of them say they send remittances back to their families.
Data showed that remittances have led to improvement in the consumption of food and educational opportunities among the majority of migrants' households. Majority of households receiving remittances own less than two assets.
However, paying back loans is among the primary obligations for these remittance earners, the survey revealed.
Speaking on the occasion, Bangladesh Bank governor Dr. Atiur Rahman said the Bank is working for the country's development for greater national interests.
"New and innovative initiatives like mobile and digital banking, bank account for farmers would promote safe remittance transfer in the coming days," he said.
Secretary Zafar Ahmed Chowdhury in his address requested the central bank governor to ensure further disaggregated data on remittance through wide- scale national surveys.
IOM representative Rabab Fatima said the survey would make important contributions to policy guidance in order to promote pro-poor economic growth and to ensure improved access to remittance transfer services as well as to help reduce the cost of remitting money.
Nearly 30 per cent Bangladeshi migrants still depend on informal payment methods to transfer remittances, while only 20 per cent of them own bank accounts, a survey report revealed.
The survey, conducted by International Organization for Migration (IOM), associated with Mitra and Associates, has also revealed that 98.3 per cent migrants are males and of average age of 32 years.
However, more than 50 per cent of remittance-receiving households have bank accounts, the latest survey disclosed.
With support from DFID, the national level household survey on remittances was conducted in 2009 among 10,565 households aimed at gathering comprehensive information on the socio-economic profiles of migrants, remittance sending as well as utilisation behaviour of migrants and the receiving households across the country.
The survey findings were launched on Wednesday at a city hotel in presence of Bangladesh Bank Governor Dr. Atiur Rahman as chief guest.
Secretary of the ministry of expatriate welfare and overseas employment Zafar Ahmed Chowdhury, international remittance expert Dr. Manuel Orozco, World Bank senior economist Zahid Hossain and IOM Regional Representative Rabab Fatima attended the function.
The survey also discovered that most migrants had little education and over 90 per cent of them say they send remittances back to their families.
Data showed that remittances have led to improvement in the consumption of food and educational opportunities among the majority of migrants' households. Majority of households receiving remittances own less than two assets.
However, paying back loans is among the primary obligations for these remittance earners, the survey revealed.
Speaking on the occasion, Bangladesh Bank governor Dr. Atiur Rahman said the Bank is working for the country's development for greater national interests.
"New and innovative initiatives like mobile and digital banking, bank account for farmers would promote safe remittance transfer in the coming days," he said.
Secretary Zafar Ahmed Chowdhury in his address requested the central bank governor to ensure further disaggregated data on remittance through wide- scale national surveys.
IOM representative Rabab Fatima said the survey would make important contributions to policy guidance in order to promote pro-poor economic growth and to ensure improved access to remittance transfer services as well as to help reduce the cost of remitting money.