Sun News Desk: Afzal Karim, MD of Sonali Bank and chairman of BAFEDA, said that Bangladeshi expatriates living in different countries will not need to pay any more charges for sending remittances from now on.

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At the same time, they can send remittances on holidays abroad. In order to legally increase remittances in the ongoing dollar crisis, these initiatives have been taken by the association of bank chief executives ABB and the association of banks dealing in foreign currency BAFEDA.

Afzal Karim, MD of Sonali Bank and chairman of BAFEDA, announced this decision after the meeting of ABB and BAFEDA at Sonali Bank’s head office on Sunday (November 6).

After the meeting, BAFEDA Chairman Afzal Karim told the media that today’s exchange meeting was held like the series of meetings of Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA).

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According to the decision of the meeting, henceforth banks will collect remittances at 107 rupees and export earnings at 100 rupees. Besides, for the convenience of expatriate Bangladeshis, remittance sending charges or commission fees have been waived. Expatriates will be able to send remittances from tomorrow Monday (November 7) without any cost.

At the same time, expatriates can now send remittances even on holidays. Because banks have decided to keep exchange houses open even on holidays.

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Earlier, to resolve the dollar crisis, on October 23, the maximum price for buying dollars against remittances sent by expatriates was reduced by 50 paisa to 107 taka. And the export bill was increased by 50 paisa to 99 taka 50 paisa. In a meeting last September 26, 107 taka 50 paisa was set as expatriate income and export income was set at 99 taka.

Besides, in the first meeting of bankers on September 11, it was decided to buy export proceeds at Tk 99 and remittance dollars at Tk 108.

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Meanwhile, at this time of extreme foreign exchange crisis, various initiatives have been taken to increase expatriate income or remittances through legal means. Banks have also stepped up to meet demand. But nothing is working. Expatriate income is continuously decreasing due to hundi.

Remittances fell below $1.53 billion in October, the lowest in eight months. Remittances averaged over $2 billion in the first two months of this fiscal year. Last September it fell to 1.54 billion dollars.

Sun News/NK


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