Establishing more exchange houses

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BRIGHT opportunities exist to enhance receipts of foreign currency substantially through remittances from our overseas workers by clamping down hard on the transfer of foreign currencies through the illegitimate hundi channels, on the one hand, and by encouraging the remittances through official channels, on the other. Over the last several years, government policies to this end produced encouraging results. But much more should be done for flow of remittance by our workers through the official channel at a sustainable level. This has become all the important now in view of the latest developments -- and unfortunate ones -- relating to the Bangladeshi workforce working in Kuwait and Saudi Arabia. This tends to blight the prospects for remittance earnings. The authorities in Kuwait and Saudi Arabia, two members of the Organisation of the Islamic Conference (OIC) and also of the Islamic 'Ummah', have made the poor Bangladeshis the unfortunate victims while other workers from South Asian countries have taken part in demonstrations in Kuwait, demanding higher wages.

Meanwhile, 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 to open 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 should not think that their responsibilities end with the immediate tasks at their desk. On the contrary, they should 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 gain by sending money through the formal channel or because they do not live near an exchange house. So 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 various steps at upgrading the existing system in the local banks.

Shuvra Chakrabarty

Pahartali

Chittagong.