Saturday, 23 October 2010

BANGLADESH: Fair contest in remittance transfer demanded

Speakers at a dialogue underscored the need for a liberalised regime for facilitating the transfer of migrants' remittances. They observed that a few multinational money transfer agencies are enjoying near monopoly control on local banks with which they have relationships through exclusivity clause. They demanded termination of such clause for facilitating increased inflow of remittances into the country. Agreeing, in principle, with the above position the Governor of Bangladesh Bank stated that the absence of competition law in the country has led to such undesirable situation. The Governor informed that a review will be conducted by the central back in this regard.

Speaking as the Chief Guest Dr. Atiur Rahman also said that the introduction of new technology in remittance transfer has had a significant impact on the volume of remittance to the country. He urged the private and public sector banks to collaborate with one another to provide best possible services to remitter and their families at the minimum possible cost. The Governor also urged the banks to develop investment products for returnee migrants under their Small and Medium Enterprise (SME) scheme. Read more

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