Steps taken to raise remittance inflow: Muhith

DHAKA, June 3, 2017 (BSS) - Finance Minister Abul Maal Abdul Muhith has said the government has taken different measures to increase remittance inflow to boost economic development in the country.

Placing the budget in the Parliament on June 1, Muhith said, "Considering its importance in economic development of the country, we have taken different measures to increase remittances."

He said some of the important steps include reducing cost of remittance transfer, improving remittance management efficiency of overseas banking units and exchange houses, strengthening drawing arrangement between Bangladeshi banks and the local banks of the countries where expatriates are working and motivating the workers to remit through Probashi Kalyan Bank.

"Bangladesh is one of the top remittance recipient countries in the world. According to a BBS study, families of Bangladeshi expatriates received Tk. 3.02 lakh on an average in 2015," he added.

Remittance inflows play a role in boosting GDP growth by increasing consumption expenditure, Muhith added.

There is a ray of hope in the projections of international organizations that global remittance inflows to developing countries will likely recover in 2017 and achieve 2 percent growth, he said. "I firmly believe that all these initiates together with increasing trend of global growth will have positive impact on our remittance inflows," Muhith said.

At the post-budget press conference yesterday, the finance minister expressed his hope that all these measures will keep a positive impact on remittance inflow in the country.

Source: Bangladesh Sangbad Sangstha (BSS)