FM eyes 25 pc growth in remittance inflow in FY20

FT ONLINE

Finance Minister AHM Mustafa Kamal on Wednesday said remittance inflow is likely to increase by at least 25 percent in fiscal 2019-20 (FY20) due to a number of government steps.

“Remittance is the driving force of our economy. So, the government has taken different initiatives, including giving 2.0 percent cash incentives, for increasing the flow of remittance,” he said after a meeting with the UAE delegation at the Finance Ministry in the city.

The minister informed that expatriate Bangladeshis sent US$6,154.22 million remittances in the first four months of the current fiscal 2019-20, which is 20.48 percent higher than the amount of the corresponding period of the preceding year.

The country received $5,108 million remittances during the July-October period in 2018-19 fiscal.

The finance minister said the government is giving 2.0 percent cash incentive on money remitted by expatriate Bangladeshis to remove the burden of increased expenses in sending remittances and to encourage bringing in remittance through the legal channels.

He said anyone can send up to $1500 remittance in each transaction without document.

Kamal said Janata Bank and UAE based RAK Bank will ink an agreement for working together to make easier the process of sending remittance from the UAE