BANGLADESH: Remittance drives banks to open exchange houses abroad

Sajjadur Rahman

Private commercial banks (PCBs) are scrambling to open exchange houses abroad to cash in on increasing business driven by inward remittances, officials said.

At least half a dozen banks sought permission from Bangladesh Bank to open nearly 10 exchange houses in remittance destinations, such as Canada, Italy, Singapore and the UK, central bank officials said.

Currently, eight local banks -- including the state-owned four -- have 28 exchange houses abroad, BB data shows. Read more