Pension scheme for NRBs: BB Governor

FE Report
The government is planning to introduce a pension scheme for expatriate Bangladeshis which will benefit millions of non-resident Bangladeshis (NRBs) working abroad and help attract more foreign investments.   
"If every NRB contributes US$ 5, there will be a fund of billions of dollars for the scheme," said Bangladesh Bank (BB) governor Atiur Rahman while he was addressing the inaugural ceremony of World Conference Series 2015 at a local hotel on Saturday.
Highlighting the urgency of social security scheme, the governor stressed the need for introducing the plan in the next budget which, he said, would be run by the central bank.
"It won't cost the government anything; only the new social scheme should be regulated," he added.
According to the governor, the BB will conduct all activities of the scheme, including generating income and paying interests.
"People should understand the significance of the welfare scheme and get benefit when they return home after retirement," said the governor.
The scheme will run alongside the 'US Dollar Bond' that is already in place for the NRBs, said the governor. Through this bond, the NRBs can invest in the country's capital market from anywhere in the world.  
The Centre for Non-Resident Bangladeshis (CNRB)  organised the inaugural function of the World Conference Series -- which will be held in 10 major countries across the world this year to promote investment, remittance and the financial branding of Bangladesh.
Prime Minister's Political Affairs Advisor HT Imam, International Affairs Advisor Dr Gowher Rizvi, BB governor Atiur Rahman, CPD Executive Director Professor Mustafizur Rahman, former MP and Red Crescent chairman Hafiz Ahmed Mazumder and Economic Officer of the US embassy Daniel Keen jointly inaugurated the world conference series.
This year the CNRB is planning to arrange a series of conferences in Dubai, Saudi Arabia, Qatar, Kuwait, Malaysia, Australia, Europe, the UK, the USA and Canada to promote trade and business, build up the country's image and attract more investment.
Dr Gowher Rizvi said Bangladesh has achieved extraordinary progress over the years in the field of economy and other social sectors, especially in the areas of power and energy, health, education, agriculture and productivity. He stressed the need for building the country's positive image abroad.
Mr HT Imam in his speech stressed more on skill development of human resources and language efficiency which he said would help the country earn more remittances.
About 55 per cent of migrant workers are unskilled and their wages are low which have a downward impact on earnings of the migrants.
Mr Atiur Rahman also stressed the need for launching a Taka-denominated offshore bond to attract more foreign investors. The International Finance Corporation and the Bangladesh government are set to launch a $1 billion offshore taka-linked bond, a move that can help internationalise the currency in the long run.
"We are now working with the finance minister to introduce the new bond market," said the governor adding that foreigners now can invest in bond markets, even in treasury bonds.
According to the governor, remittance has been showing a steady growth in terms of incoming volume and the country has ranked the seventh in the list of remittance-recipient countries in the world.
In FY2014, remittance accounted for 66 per cent of the country's foreign exchange reserve. He hoped that remittance inflow would touch US$ 15 billion this year.
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