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Business Remittance grows 14.5pc in FY05

REJAUL KARIM BYRON
Remittance saw a strong boost in the just concluded 2004-05 financial year, recording a healthy 14.5 percent growth.
According to the Bangladesh Bank (BB) statistics, non-resident Bangladeshis (NRBs) sent US$ 3,866.63 million in the 2004-05 fiscal year, crossing the target by more than $246 million.
The target for remittance income for the 2004-05 financial year was set at $3620 million. Remittance inflow maintained a substantial growth in most of the months and in March 2005 it was an all time single month high, amounting to $401 million. NRBs sent $349 million in June 2005.
"Remittance service through banking channel has improved significantly in the recent years. Besides, anti-money laundering act is becoming stringent in different countries, discouraging people to send money through hundi," said a top official of the central bank.
Private banks are also taking different measures to increase their
earnings from remittance service and signing deals with the service providers who have strong networks across the globe, he mentioned.
"Some private banks are marketing remittance services very aggressively and providing quick
and secured services for their clients, which would push remittance inflow in the coming months," the official felt.
NRBs sent $3,371.97 million in the 2003-04 financial year. The remittance inflow crossed the three billion mark, amounting to $3,061.97 million in the 2002-03 fiscal year for the first time. Besides, NRBs sent $2,501.13 million in the
2001-02 fiscal and $1,882.10 million in the 2000-01 fiscal.
According to BB statistics, remittance inflow saw a negative growth of 3.45 percent in the 2000-01 financial year.
NRBs send roughly $ 7 billion
every year and a significant amount of the total amount is still coming through hundi, an illegal way of sending money home, sources said.
"Increase in the number of remitters apart, new initiatives by banks including opening exchange house abroad, signing deals with other service providers are some of the reasons for augmenting remittance inflow in the last fiscal year," said SM
Aminur Rahman, managing director of Janata Bank.
Janata Bank opened an exchange house in Italy in the last fiscal year and it would cover a major part of Europe, he said adding that the bank is offering one percent more than the current exchange rate. It has also engaged some other private operators to receive money from the NRBs and send those to the exchange house.
Sonali Bank, Agrani Bank, Pubali Bank and Islami Bank Bangladesh Ltd are the major players in handling remittance inflow.
Among the private banks, Brac Bank Ltd has already installed online system in 300 outlets (of the Brac's total 1,400 outlets across the country) and extended its remittance service to the rural areas.
The bank, which inked a deal with Western Union last year, will also bring another 150 outlets under its network shortly. Its remittance service recorded over 100 percent growth in the last five months on an average.