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New remittance centers at Singapore, Kuala Lumpur, Rome & Tokyo

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March 5, 2001 

Dhaka--- In yet another major step to expedite and encourage remitting foreign exchange through official channel, the government decided to open remittance centers in Singapore, Kuala Lumpur, Rome and Tokyo.

Besides, performance of existing centres in Riyadh, Dubai, UK and New York will be monitored. Those centres will be given annual targets of handling remittances and in failure, employees will be called back home.

The decision was taken in a high-level inter-ministerial meeting that took up a number of measures to ensure quick transfer of remittances and encourage remitters to choose banks instead of hundi conduits.

Finance Minister Shah AMS Kibria, who chaired the meeting, directed the banks to make sure that recipients get the money remitted by non-resident Bangladeshis within three days.

The banks concerned will send the money through telegraphic transfer (TT), courier or special carrier to their branches at the receiving end.

General managers of foreign currency affairs will routinely monitor the transfer activities and take measures if the money does not reach the recipient within seven days.

The meeting appreciated the measures taken by Bangladesh Bank to curb hundi operations and advised the central bank to strengthen the measures in future.

Unconfirmed estimates say the unofficial channels handle around US$ 2 billion annually. Expatriate Bangladeshis often avoid lengthy banking procedures and find hundi prompt and easy means of sending their hard-earned money home. The central bank earlier had simplified banking procedures to quicken the process and woo the NRBs.

The central bank steps have already started yielding good results as foreign reserves have increased by roughly US$ 300 million in last three months to reach $1.6 billion late last month.

Foreign remittances amounted to Tk 10,145 crore (US$ 1.88 billion) in the calendar year 2000 which was Tk 8867 crore (US$ 1.64 billion) in 1999. NRBs remitted Tk 829 crore (US$ 150 million) in January this year.

Bangladesh Bank governor Dr Mohammad Farashuddin, Sonali Bank managing director Enamul Huq Chowdhury, Janata Bank managing director SA Chowdhury, Agrani Bank managing director Yusuf Chowdhury and additional secretary of Finance Ministry Habibur Rahman attended the meeting.

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