Remittance likely to cross $16b this fiscal: Atiur

Inflow of remittance is expected to cross US$16 billion mark in the fiscal year 2015-16 as modernisation and digitisation of the banking sector have brought a radical change in remittance sending and delivery system, said Bangladesh Bank Governor  Atiur Rahman  yesterday, reports BSS. “In FY2015, the inflow of remittance was $15.3 billion. Our latest remittance enhancing initiatives will further encourage the Non-Resident Bangladeshis (NRBs) to remit more using formal remittance delivery routes,” he said while addressing a conference on “NRB Investment: Capital Market and Real Estate” in the capital. Centre for Non-Resident Bangladeshi organised the conference at a hotel with its chairman M S Shekil Chowdhury in the chair.
 Rahman said the modernisation and digitisation of payment system and subsequent enhancements of mobile financial services in inward remittances are reducing the necessity of sending money through informal channels, adding that real-time gross settlement’ systems added a new dimension to the promptness of international money transfer.
He also said banks are now providing the branch networks of the micro finance institutions (MFIs) and post offices as the sub agents for remittance distribution. “The agent banking outlets are also providing faster remittance delivery,” he added. The governor said both wholly foreign ownership and joint venture options with the private and public sector are open for non-resident investors including NRBs. Up to 100 per cent foreign ownership is freely permissible for foreign direct investments in the industrial sector; foreign portfolio investment inflows are freely permitted in the local equity and bond markets, he added.
He also said “Several incentives for the NRBs are under consideration if the NRBs invest in the special economic zones like hi-tech park and industrial park. Different savings instruments such as non-resident foreign currency deposit, US dollar premium bond, wage earners development bond are available for investment by NRBs.” Atiur laid stress on bringing the real estate companies under control and said the Real Estate and Housing Association of Bangladesh (REHAB) can play a vital role to ensure transparency, integrity and accountability of the companies working as the regulatory authority. He said country’s economy is stable and Bangladesh is an attractive investment hub in the world. The government is encouraging public-private partnership (PPP), tax holiday and other exemptions on investment to boost investment by the NRBs, he added. “Our foreign NRB entrepreneurs are the pathfinders for other foreign investors who are eager to shift from other countries,” he added.

 

Remittance likely to cross $16b this fiscal: Atiur

Inflow of remittance is expected to cross US$16 billion mark in the fiscal year 2015-16 as modernisation and digitisation of the banking sector have brought a radical change in remittance sending and delivery system, said Bangladesh Bank Governor Atiur Rahman yesterday, reports BSS. In FY2015, the inflow of remittance was $15.3 billion. Our latest remittance enhancing initiatives will further encourage the Non-Resident Bangladeshis (NRBs) to remit more using formal remittance delivery routes, he said while addressing a conference on NRB Investment: Capital Market and Real Estate in the capital. Centre for Non-Resident Bangladeshi organised the conference at a hotel with its chairman M S Shekil Chowdhury in the chair. Rahman said the modernisation and digitisation of payment system and subsequent enhancements of mobile financial services in inward remittances are reducing the necessity of sending money through informal channels, adding that real-time gross settlement systems added a new dimension to the promptness of international money transfer. He also said banks are now providing the branch networks of the micro finance institutions (MFIs) and post offices as the sub agents for remittance distribution. The agent banking outlets are also providing faster remittance delivery, he added. The governor said both wholly foreign ownership and joint venture options with the private and public sector are open for non-resident investors including NRBs. Up to 100 per cent foreign ownership is freely permissible for foreign direct investments in the industrial sector; foreign portfolio investment inflows are freely permitted in the local equity and bond markets, he added. He also said Several incentives for the NRBs are under consideration if the NRBs invest in the special economic zones like hi-tech park and industrial park. Different savings instruments such as non-resident foreign currency deposit, US dollar premium bond, wage earners development bond are available for investment by NRBs. Atiur laid stress on bringing the real estate companies under control and said the Real Estate and Housing Association of Bangladesh (REHAB) can play a vital role to ensure transparency, integrity and accountability of the companies working as the regulatory authority. He said countrys economy is stable and Bangladesh is an attractive investment hub in the world. The government is encouraging public-private partnership (PPP), tax holiday and other exemptions on investment to boost investment by the NRBs, he added. Our foreign NRB entrepreneurs are the pathfinders for other foreign investors who are eager to shift from other countries, he added.