Remittance inflows set to cross 5-billion dollars mark in Bangladesh

Remittance inflow is set to cross 5- billion U.S. dollars mark in the coming months touching 4.9 billion dollars in the first 10 months of the current fiscal due to relatively attractive exchange rates and the bankers' endeavor to encourage expatriates to remit money formally, The Financial Express reported Thursday.

"We are communicating with the expatriates through personal visits to countries such as Singapore, Saudi Arabia, the UK and the US. Our advertisements are also encouraging them," Syed Abu Naser Bukhtear Ahmed, Chief Executive of the state-run Agrani Bank was quoted as saying.

A higher exchange of taka against dollar also helps boost remittance earnings, he also said.

Bangladesh receives higher remittance inflows from the Middle- East, especially Saudi Arabia. Non-resident Bangladeshis from Britain and the United States also send a major portion of the total remittance inflows.

The remittance inflows rose by 2.19 percent to 4.9 billion dollars in the July to April period of fiscal 2006-07 (July 2006- June 2007) from 4.8 billion dollars a year back, according to provisional estimates by Bangladesh Bank, the central bank.

Three state-run commercial banks -- Sonali, Agrani and Janata, and five private banks -- Islami, Uttara, National, Pubali and BRAC, have captured the bulk of the inflows.

The Agrani Bank chief said, the state-run banks attract a major portion of the remittance inflows due to their wider networks.

"But we will be unable to retain control if we fail to improve services and ensure quick delivery to the beneficiaries," Ahmed said, mentioning the competition with the private banks.

Private banks, as a group, received about 60 percent of the total remittance inflows in April.

Source: Xinhua