Incredible growth reduces the hassle of sending remittances

Dhaka: Finance Minister AHM Mustafa Kamal has said that there has been incredible growth in remittances as it has reduced the hassle of sending remittances through incentives and legal channels.

He said expats in Corona also sent about 50 percent more remittances in July and August than last year.

The Finance Minister was responding to a question from reporters after a Cabinet Committee on Public Procurement meeting via Zoom Apps on Wednesday (September 2).

He said that the growth of remittances was 50 percent in July and August this year. Last year was the ‘highest profit’ year in terms of remittances. Last year 16 billion arrived in remittances. A 50 percent increase compared to last year – this is an incredible phenomenon. What I got in six months came in two months.

The finance minister said: “We want the total amount of remittance income to reach the country legally.” I did a study on my own initiative when I was minister of planning. The study found that 51 percent of remittances came from legal channels, while 49 percent came from illegally or hundi. From there, I began to think that 100% of remittances should be legalized. So we do two things. One is to provide incentives at a 2 percent rate on remittances. This incentive has worked to increase remittances. And the second is that sending remittances legally used to be very complicated. Several questions were asked, now I have facilitated them. No one has been questioned about remittances in the last year. Nobody’s remittances were affected. That is why so many remittances have flowed.

Mustafa Kamal further said, expatriates are supporting us by earning money with great difficulty. Also, they themselves are getting stronger. I thank you on behalf of the Prime Minister. Because they have begun to legally send their hard-earned money. Send remittances legally. Someday you will reap the benefits.

According to the report of the Bank of Bangladesh, the remittances sent by expatriates in the second month of the current fiscal year in August, 197.39 million US dollars. In July this year, Bangladeshi expatriates sent remittances worth 259.95 million pounds sterling. As a single month, which is the highest remittance collection in the history of Bangladesh. Previously, the highest record remittance occurred in June this year. In that month, remittances reached 173 crore 30 lakh dollars.

Bangladesh Time: 6:40 PM, September 2, 2020
GCG / MJF