The central bank is set to ask commercial banks for encouraging non-resident Bangladeshis (NRBs) to use banking channel for remittance at cut-down costs, officials said.
A meeting of the Bangladesh Bank (BB) top brass with senior officials of top 20 remittance-recipient banks will be held today (Wednesday) in this connection in the wake of receding remittance inflows.
"We'll advise the banks at the meeting for reducing the remittance- sending cost to increase the flow of inward remittances in the coming months," a BB senior official told the FE Tuesday.
He also said the central bank believes that expatriate Bangladeshis will be encouraged to remit their hard-earned currency through the banking channel instead of illegal hundi system.
The central bank has taken the latest move against the backdrop of falling trend in inward remittance in the recent months.
The inflow of remittances dropped by 14.48 per cent to US$12.77 billion in the fiscal year (FY) 2016-17 from $14.93 billion a year before, BB data showed.
Currently, 29 exchange houses are operating across the globe, setting up 1159 drawing arrangements abroad, to expedite the remittance inflow, according to the BB officials.
They expect that the flow of inward remittance will improve in the ongoing fiscal year following different promotional initiatives. As part of the masseurs, the central bank had asked the banks for taking different measures to attract NRBs through improvement in the quality of remittance services.
Under the moves, the banks have been instructed to open 'help desk' at each branch concerned for ensuring better remittance services. The banks will have to ensure providing information on remittance to the beneficiaries on priority, according to a notification, issued by the BB earlier.
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Source: The Financial Express