Encourage expatriates to use official channels, says BB governor
FE Report | Friday, 11 July 2008
Bangladesh Bank governor Salehuddin Ahmed has asked commercial banks to introduce advanced technology to encourage expatriate Bangladeshis to use official channels for sending remittances.
"Introduction of electronic payment services would reduce the time and cost of remitting money; and expatriate workers would also be encouraged to use official channels to send money instead of using illegal 'Hundi'," the governor said while addressing the launching ceremony of an information campaign on remittance at a city hotel Thursday.
Terming remittance from expatriate workers the net highest foreign exchange earner, the central bank governor said adding that remittance was a big contributor to the country's development.
"Remittance is the net highest foreign exchange earner, not the readymade garment (RMG)," Mr. Salehudin said adding that the RMG sector is certainly earning huge foreign exchange, but the RMG owners have to pay a certain portion of such earnings on imports.
International Organisations of Migration (IOM) and Department For International Development (DFID) jointly organised the programme. Foreign secretary Touhid Hossain and Expatriates' Welfare and Overseas Employment secretary Abdul Matin Chowdhury attended the programme as special guests.
The governor said expatriate workers are contributing enormously to foreign exchange earnings, which is helping us improve the social status and income of the workers and their families.
The central bank governor said that the country received remittances worth US$ 7.9 billion in fiscal 2007-08.
He laid emphasis on using the remittances in productive sectors and suggested banks to encourage the families of expatriate workers in this regard.
In his speech, foreign secretary Touhid Hossain said a big portion of remittances is spent on constructing houses rather than using it for investment.
"Introduction of electronic payment services would reduce the time and cost of remitting money; and expatriate workers would also be encouraged to use official channels to send money instead of using illegal 'Hundi'," the governor said while addressing the launching ceremony of an information campaign on remittance at a city hotel Thursday.
Terming remittance from expatriate workers the net highest foreign exchange earner, the central bank governor said adding that remittance was a big contributor to the country's development.
"Remittance is the net highest foreign exchange earner, not the readymade garment (RMG)," Mr. Salehudin said adding that the RMG sector is certainly earning huge foreign exchange, but the RMG owners have to pay a certain portion of such earnings on imports.
International Organisations of Migration (IOM) and Department For International Development (DFID) jointly organised the programme. Foreign secretary Touhid Hossain and Expatriates' Welfare and Overseas Employment secretary Abdul Matin Chowdhury attended the programme as special guests.
The governor said expatriate workers are contributing enormously to foreign exchange earnings, which is helping us improve the social status and income of the workers and their families.
The central bank governor said that the country received remittances worth US$ 7.9 billion in fiscal 2007-08.
He laid emphasis on using the remittances in productive sectors and suggested banks to encourage the families of expatriate workers in this regard.
In his speech, foreign secretary Touhid Hossain said a big portion of remittances is spent on constructing houses rather than using it for investment.