Finance Minister AHM Mustafa Kamal has urged Bangladeshi expatriates to send more remittance for supporting the government, as economies across the globe are navigating through the worst situation since World War II.
“Help us, so that we can help you. We will win together,” Kamal said while making the call to remitters at an event titled “Bangladesh Bank Remittance Award 2019-2020,” held in the capital’s Krishibid Institution Bangladesh on Thursday.
A total of 67 individuals and organisations received awards at the event, organised by the Bangladesh Bank’s Financial Inclusion Department.
Bangladesh Bank Governor Fazle Kabir, Deputy Governor Abu Farah Md Naser, expatriates’ welfare and overseas employment Secretary Ahmed Munirus Saleheen, and finance ministry’s Financial Institutions Division Secretary Sheikh Mohammad Salim Ullah also attended the event.
Requesting Bangladeshi expatriates to use only banking channels for sending remittance, Kamal expressed optimism that Bangladesh will receive $21 billion as remittance this fiscal year.
The country’s remittance inflow declined by 16.25 per cent to $17.31 billion in July-April of the current FY, data from the central bank shows.
In response to the remitter’s question, the finance minister said, “Money illegally laundered abroad will return to Bangladesh, as we are providing more facilities than other countries.”
Commenting on Sri Lanka’s ongoing financial crisis, Kamal said, “Bangladesh cannot be compared to other countries as our Debt-to-GDP ratio is 34 per cent, which is the lowest in the world.
“There is a worldwide demand for our manpower. No one can stop our progress.”
He continued, “Bangladesh’s forex reserves dropped to $42 billion mainly due to price hikes in the global market, triggered by the Russia-Ukraine war. This is a global issue, and not just affecting our country.
“We are now on top globally in terms of GDP growth.”
Urging the Bangladesh Bank to introduce a “One Country One Rate” in the remittance process, Dutch Bangla Bank’s Managing Director and CEO Abul Kashem Md Shirin said, “Different banks collect remittance at different rates, which is creating unethical competition.
“Hundi, an illegal cross border transaction, remains a big threat against increasing the inflow of remittance through banking channels.”
