• Monday, Sep 26, 2022
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BB directs AD banks to improve remittance services

  • Published at 07:05 pm June 15th, 2017
BB directs AD banks to improve remittance services
The central bank has directed all authorised dealer (AD) banks to improve the quality of remittance services in order to stem the declining trend of remittance inflow. The directive came in a circular Bangladesh Bank issued on Thursday to the principal offices of all AD banks engaged in dealing with foreign currency exchange. The circular stated that the dealer banks take some immediate initiatives to improve the quality of remittance services including opening help desk in every branch, providing information about remittance for its beneficiaries on a priority basis, maintaining registrar to write complaints from remittance beneficiaries and informing the foreign currency policy department of the central bank about the steps taken to address the issues on biweekly basis. It also said the AD banks have to advertise their remittance services and the government efforts at investment services so that expatriates can get to know about them. Publicizing information about bringing remittance through legal channel also includes the directive. Mentionable, the remittance inflow into the country was on the declining trajectory since the beginning of current Fiscal Year 2016-17. In July-May period of the current fiscal, the remittance flow declined by 14% compared to that in the same period a year ago. Over the 11 months of FY’17, remittance stood at $11.55 billion, which was $13.46 billion in the same period of  previous year.
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