Remittances cost lowest in B'desh' for Mobile Finance Service – BB

Remittances cost lowest in B’desh’ for Mobile Finance Service – BB


The cost of remittances in Bangladesh is one of the lowest in the
world mainly because of strategic use of mobile financial services
(MFS) and strategic partnership developed amongst banks, telephone
companies and MFIs — said Dr. Atiur Rahman, Governor, Bangladesh Bank
while commenting on a presentation by Mr. Dilip Ratha of World Bank on
Migration and Remittances in a seminar held on 11 April. He also said the remittances have been flowing to Bangladesh in greater volume due
to mainly proactive role of the Central Bank by allowing commercial
banks to open more exchange houses and correspondent relationships in
destination countries. Dr. Rahman also said that the impact of
remittances has been both equitable and poverty reducing. The annual
remittances of about 15 billion US dollars have been helping in
boosting domestic demand in rural Bangladesh, he added. This has
helped Bangladesh cope with fall outs of Global Financial Crisis
better than many of its peers. In the process the beneficiaries of
remittances have been investing this money productively in SMEs like
fisheries, poultry farms and of course other small entrepreneurial
activities. He emphasized on skill development of migrants for
enhancing the flows of remittances. He also said that both public and
private sectors should focus on skill development of migrants for
enhancing the flow of remittances. Besides Dr. Rahman participated in
a number of engagements in the on- going World Bank – IMF Spring
Meetings 2014 in Washington DC. He exchanged his views with Mr. John
Chambers, Managing Director and Chair, Global Sovereign Ratings
Committee and Ms Julie A. Monaco, Managing Director and Global Head,
Public Sector, Corresponding Banking, Citi, NA. In addition, Governor
Rahman also participated in the discussion led by Honorable Finance
Minister Mr. AMA Muhith with Multilateral Investment Guarantee Agency
of World Bank Group led by its CEO and Executive Vice President Ms.
Keiko Honda.
(BB Governor points mentioned at the Fund-Bank Spring Meeting 2015,
Washington DC, 11 April 2014 – Press release)


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