Bangladesh: Banks’ remittance delivery time cut

Dhaka, July 18, 2014 (New Age): Bangladesh Bank has asked scheduled banks to deliver wage earners remittances by two working days to the beneficiaries. Currently it takes 72 hours to deliver the remittances. The BB issued a circular to the authorised dealer branches of all banks on Wednesday saying that the central bank had taken the initiative to step up the inflow of remittances. A BB official told New Age on Wednesday that the expatriate Bangladeshis would encourage more to send the remittances to their relatives as they (relatives) would collect the money in the quickest possible time from the banks. He said that the central bank had recently taken a number of initiatives to step up the inflow of remittances al though the inflow registered a negative growth in the financial year 2013-14 for the first time in last 14 years against the backdrop of downward manpower exports. The country received $ 14.22 billion in remittance in FY14, which was 1.61 per cent lower than the $14.46 billion in remittance received in FY13.