Remittance inflow rose by 17.55 percent to $1.19 billion in July from a year ago, riding on the upcoming Eid festival. The central bank governor yesterday sat with chief executives of all banks at his office in the capital to discuss ways to increase the flow of remittances.
Bangladesh Bank will organise roadshows in the USA and Europe to encourage the expatriate Bangladeshis to send home more money.
“We have sought cooperation from the banks so that more remittances come through formal channels,” Atiur Rahman said. “It will ultimately benefit the banks as well as the country.”
Three executive directors of the central bank will travel to the USA and Europe to help organise the roadshows and make those a success, another BB official said.
The roadshows will also display bonds meant for non-resident Bangladeshis (NRBs).
The bankers in the meeting were asked to participate in the roadshows to display the products of their exchange houses and demonstrate the advantages of sending remittances through banking channels.
The central bank will also organise roadshows in the Middle East, where a majority of Bangladeshi migrant workers live, and in Singapore.
The BB is giving more emphasis on the USA as remittance flow from the world’s biggest economy fell by 19 percent last fiscal year.
The BB official said Bangladesh can receive more remittances from Europe, where a large number of NRBs live.
During the last 16 months, the monthly remittance flow was more than $1 billion except a few months, according to the central bank data.
Bangladesh received $12.84 billion in remittances in the immediate past fiscal year, which is 10.32 percent higher than that in the previous year.
The BB official said the flow of remittances went up in July because of the upcoming Eid festival. The amount will continue to grow in the run up to the festival at the end of this month.
-With The Daily Star input
