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Sonali Exchange in US posts profit

January 09, 2019 00:00:00

Sonali Exchange Co Inc., USA, a subsidiary of the state-owned Sonali Bank Limited, saw a significant profit last year after counting a loss in the previous two years, reports BSS.

It sent $87.15 million in remittances to Bangladesh in 2018, the highest in the last five years.

The Sonali Exchange earned a profit of $19,000 in 2018, thanks to growing confidence of the expatriate Bangladeshis in the exchange house and sincere cooperation from all concerned, its Acting President and Chief Executive Officer M Zahurul Islam told BSS over phone from New York on Tuesday.

He said the money transfer company counted a loss of $227,000 in 2017 and $66000 in 2016, but it bounced back last year when it sent remittances amounting to $87.15 million, $2.15 million more than the target.

Zahurul said the number of remitters has increased to 122,431 in 2018, 11,000 up from the previous year and the number was the highest in the last eight years.

"Despite having huge competition in remittance business, the success came due to sincere efforts, hard labour and improved customer service by all concerned of the organisation," he said.

Seeking sincere cooperation from all in the New Year, Zahrul expressed his hope that the exchange house will earn more profit this year.

Zahurul, Jackson Heights Branch Manager of the exchange house, has been serving as the acting CEO of Sonali Exchange, USA, since December 2017 as its CEO returned home after expiry of his tenure.

He said the Sonali Exchange has been offering remittance services to the expatriates in the USA since 1994. It has 10 branches and booths in five US states.

Zahurul mentioned that Sonali Exchange sent nearly $3 billion to Bangladesh in the last 24 years.

"Despite the exchange rates are a little less than other organisations, the state-owned exchange house has earned trust and loyalty of the expatriate Bangladeshis in the USA," he added.

Zahurul said the exchange house can make more profit by using the trust and love of expatriates. "Not only profit, but also the amount of remittances and the number of accounts has also increased during the period," he added.

Sonali Exchange is an international money transmitter licensed from states of New York, Maryland, Georgia, Michigan and New Jersey.

Out of the 10 branches, seven branches are in New York while three other branches are in Atlanta, Michigan and New Jersey.

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