Central bank proposed a further 1 percent incentive in remittances

The government is giving incentive at the rate of 2 percent for sending remittances from abroad to banking channels. It has also increased the amount of remittances sent legally to expatriates. However, the government wants to bring more remittances legally. Therefore, remittance remittance fees for low-income expatriates are being considered. However, the process of reducing the fee is quite complicated, so the central bank has proposed to give an additional 1 percent incentive in addition to the usual 2 percent incentive for remittances sending a maximum of 500 dollars or less per month.

Expressing this view, Bangladesh Bank has recently sent a letter to the Senior Secretary of the Financial Institutions Division of the Ministry of Finance. The Department of Financial Institutions is reviewing the proposal of Bangladesh Bank. After the review, a decision will be taken after discussions with other concerned agencies of the government, sources in the Financial Institutions Department said.

Sunbd/NJ