CUSTODY & CLEARING | Cesar Tordesillas, India

Bangladesh mulls electronic money transfer

Banks in Bangladesh were advised to take steps for enhancing the remittance inflow due to the Middle-East turmoil.

The call came from the Bangladesh Bank Governor Dr. Atiur Rahman during a workshop for finding ways of increasing the receipt of remittance.

The government has taken many initiatives to increase remittance legally over the last two decades. Recently, the government has introduced modern system to reach remittances to remote areas of Bangladesh, BB chief said.

Meanwhile, automatic cheque-clearing system has been opened in the country and initiative is underway to introduce electronic money transfer to ease banking system.

“If the step come into action, a huge number of people across the country will come under the banking network,” the governor told the meet. 

Dr Atiur observed that the Middle-East crisis compelled Bangladeshi workers to return home and that might affect the national economy for a long time. “But Bangladesh Bank is conscious about the matter. It is being considered whether something could be done for those who have returned home.”

He said the government is taking steps to net increased remittances from other countries.

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