More exchange houses to boost remittances
Thursday, 10 September 2009
Good opportunities still exist to substantially improve further receipts of foreign currency through remittances from our overseas workers by clamping down hard on the sending of such remittances through the 'hundi' channels and by encouraging the sending through official channels. Over the last several years, government policies to this end produced encouraging results. But much more should be done for sustainable remittance flows of our workers through the official channel.
The key to official dispatch of remittance is the exchange house. The number of such exchange houses is still short of need. Some steps have been taken to set up more exchange houses whereas the need is the opening of a large number of such houses abroad. Not only the establishment of these houses in far greater number, the same will need to be staffed by highly motivated and efficient people who will not only look at their jobs from a desk-bound perspective but would be very active in disseminating information and advice on official remittance facilities and the benefits thereof among the expatriate Bangladeshi community.
Many Bangladeshis abroad hesitate to send money through the official channel because in many cases they are simply not aware of the considerable benefits they stand to get by sending money through the formal channel or because they do not live near an exchange house. Thus, it should be targeted to remove both these hazards to increase the official flow of remittances.
Besides, the procedures at the exchange houses will have to be much simplified . Furthermore, the fastest sending of the remitted money should be ensured through computerisation and all other upgradation activities in the local banks.
Shuvra Chakrabarty
Pahartali, Chittagong
The key to official dispatch of remittance is the exchange house. The number of such exchange houses is still short of need. Some steps have been taken to set up more exchange houses whereas the need is the opening of a large number of such houses abroad. Not only the establishment of these houses in far greater number, the same will need to be staffed by highly motivated and efficient people who will not only look at their jobs from a desk-bound perspective but would be very active in disseminating information and advice on official remittance facilities and the benefits thereof among the expatriate Bangladeshi community.
Many Bangladeshis abroad hesitate to send money through the official channel because in many cases they are simply not aware of the considerable benefits they stand to get by sending money through the formal channel or because they do not live near an exchange house. Thus, it should be targeted to remove both these hazards to increase the official flow of remittances.
Besides, the procedures at the exchange houses will have to be much simplified . Furthermore, the fastest sending of the remitted money should be ensured through computerisation and all other upgradation activities in the local banks.
Shuvra Chakrabarty
Pahartali, Chittagong