Steps taken to ensure steady flow of remittances
FE Report | Thursday, 12 March 2009
Bangladesh Bank will make efforts to ensure steady flow of remittances from abroad in order to weather any impact from the global economic fallout in Bangladesh's economy.
"We have taken steps to increase the flow of remittances through official channel," said the central bank Governor Dr. Salehuddin Ahmed Wednesday.
He said: "If the remittances are made through official channel, the flow will not be affected even in the prevailing global recession."
"The remittance flow to the country is still steady. We are monitoring the flow cautiously," the governor said replying to a question from a newsman.
Dr. Ahmed was briefing journalists after emerging from a discussion with the British Development Minister Mike Foster at his central bank office.
Dr. Ahmed said the government was looking for new destinations outside the gulf countries to export its manpower.
He expressed the hope that since the government was trying to channelise all remittances to the country through formal ways, the flow would increase or at least it would be steady.
"We are exploring the options on how different non-governmental organisations (NGOs) and mobile phone companies can bring more remittances to Bangladesh," he said.
Mr. Ahmed said if necessary the government would utilise money from the 'challenge fund' to facilitate steady flow of remittances.
British development minister Mike Foster said the Bangladesh Bank was going to introduce automated cheque clearing and electronic fund transfer systems that would speed up cash transfer to the hands of the recipients.
"It will ultimately bring benefits to the Bangladesh's economy as well," he said.
The Department for International Development (DFID) is providing financial support to the central bank to establish the automated cheque clearing and electronic fund transfer systems.
Mr. Foster said he had a discussion on the impact of global downturn on remittance flow. "The UK government will continue its support to Bangladesh to face the challenges," he said adding they would provide GBP 150 million assistance in the next financial year.
A top official of the BB said they have taken a move to allow some NGOs, banks, financial institutions and private organisations to assist in increasing the flow of remittances through formal channel.
"We have taken steps to increase the flow of remittances through official channel," said the central bank Governor Dr. Salehuddin Ahmed Wednesday.
He said: "If the remittances are made through official channel, the flow will not be affected even in the prevailing global recession."
"The remittance flow to the country is still steady. We are monitoring the flow cautiously," the governor said replying to a question from a newsman.
Dr. Ahmed was briefing journalists after emerging from a discussion with the British Development Minister Mike Foster at his central bank office.
Dr. Ahmed said the government was looking for new destinations outside the gulf countries to export its manpower.
He expressed the hope that since the government was trying to channelise all remittances to the country through formal ways, the flow would increase or at least it would be steady.
"We are exploring the options on how different non-governmental organisations (NGOs) and mobile phone companies can bring more remittances to Bangladesh," he said.
Mr. Ahmed said if necessary the government would utilise money from the 'challenge fund' to facilitate steady flow of remittances.
British development minister Mike Foster said the Bangladesh Bank was going to introduce automated cheque clearing and electronic fund transfer systems that would speed up cash transfer to the hands of the recipients.
"It will ultimately bring benefits to the Bangladesh's economy as well," he said.
The Department for International Development (DFID) is providing financial support to the central bank to establish the automated cheque clearing and electronic fund transfer systems.
Mr. Foster said he had a discussion on the impact of global downturn on remittance flow. "The UK government will continue its support to Bangladesh to face the challenges," he said adding they would provide GBP 150 million assistance in the next financial year.
A top official of the BB said they have taken a move to allow some NGOs, banks, financial institutions and private organisations to assist in increasing the flow of remittances through formal channel.