Ensure speedy distribution of remittance: BB governor instructs banks

The Bangladesh Bank Governor Abdur Rouf Talukder has instructed respective banks to distribute remittances sent by expatriates to customers quickly.

The governor gave the instructions to the chief executives of the banks in a meeting on Wednesday (16 August).

In the meeting, the governor stated that some bankers are imposing conditions for submitting unnecessary documents and Form-C for customers to bring remittances through some banks.

This is causing various problems for the customers, he noted.

According to the central bank policy, expatriates can send any amount of money through banks. However, expatriates are required to make a declaration for sending over $20,000 or equivalent money. Up until 22 February 2022, the maximum amount of money that could be sent undeclared was $10,000.

The condition was relaxed by the central bank to increase the flow of remittances in the country and facilitate the sending of remittances by expatriates.

However, the process remains complicated in some banks that require various documents from the customers to release the money.

Therefore the central bank governor asked the bank chiefs to distribute remittances on time.

Expatriates sent the highest remittances of $24.77 billion in the country's history in the fiscal year 2020-21 (FY21). However, remittances declined by 15% to $21.03 billion in FY22. In the last FY23, remittance inflow was recorded at $21.61 billion.