BB to seek remedies for receding remittance

The central bank is set to consult top bankers on remedies for revamping the receding remittance inflow to the country.
A meeting of the Bangladesh Bank (BB) top brass with 30 managing directors (MDs) and chief executive officers (CEOs) of commercial banks will be held today (Monday) as part of the move, officials said.
"We'll seek opinions of the top 30 remittance-recipient banks at the meeting as to how to increase the flow of inward remittances in the coming months," a senior official of the BB told the FE Sunday.
The meeting, he said, will review the overall flow of inward remittances of recent times.
He hinted that the meeting might also discuss any new leakage in channeling small-sized remittances through non-banking channels.
The central bank has taken the latest move against the backdrop of falling trend in inward remittance in the recent months.
The downturn in inward remittances had continued until the second week of the current month, according to the central bank official.
Bangladesh received $392.40 million in remittances between November 01 and November 11 from Bangladeshi nationals working abroad, the BB data showed.
The flow of inward remittances dropped by more than 15 per cent in the first four months of the current fiscal year (FY), 2016-17, against the same period of the last fiscal.
The remittance receipts came down to US$4.25 billion during the July-October period of the FY 17 from $5.03 billion in the same period of the previous fiscal.
It was estimated at $1.01 billion in October 2016, down by $44.66 million from the level of the previous month. In September last, the remittances stood at $1.05 billion. It was nearly $1.10 billion in October 2015.
Talking to the FE, another BB official said the falling trend in inward remittances may continue in the coming months also unless the country's overseas job markets are diversified.
"We need to diversify overseas job markets soon to expedite the inflow of remittances," the central banker explained.
He also said the remittance flow maintained a decreasing trend recently due to slower development activities in the Middle East.
The overall development activities in the Middle-Eastern countries are squeezing gradually because of rock-bottom prices of fuel oils on the global market, he added.
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