Budget FY21-22: Banks to initiate special 'package programmes' to increase remittance flow: FM
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SUNDAY, MAY 29, 2022
SUNDAY, MAY 29, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Banks to initiate special 'package programmes' to increase remittance flow: FM

Economy

TBS Report
03 June, 2021, 07:00 pm
Last modified: 03 June, 2021, 09:23 pm

Related News

  • Finance projects export fall, remittance rise
  • The economics of remittance subsidy
  • Social Islami Bank launches ‘Remittance and Deposit Product Campaign’
  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 

Banks to initiate special 'package programmes' to increase remittance flow: FM

TBS Report
03 June, 2021, 07:00 pm
Last modified: 03 June, 2021, 09:23 pm
Banks to initiate special 'package programmes' to increase remittance flow: FM

Banks will initiate special 'package programmes' to increase the flow of remittances over banking channels, said Finance Minister AHM Mustafa Kamal in his FY2021-2022 budget speech on Thursday.

Regarding the special 'package programmes', deputy managing director of Islami Bank Bangladesh Limited, Md Mosharraf Hossain, said, "According to the budget announcement of the finance minister, Bangladesh Bank will give guidelines on what type of special programmes will be launched by the banks. We will come to a decision according to the guidelines."

"However, we have been giving an additional 1% incentive over and above the 2% cash incentive for clients who have agent banking accounts at our bank. If a client remitts through his agent banking account, he gets a 3% cash incentive in total," he added.  

With a 40% growth over the 11 month July-May period of fiscal 2020-2021, the country received a record $22.84 billion in remittances according to Bangladesh Bank, despite the coronavirus pandemic ravaging economies across the globe.

By comparison, in the first 11 months of FY 2019-20, remittance inflows amounted to $16.37 billion, while inward remittance for the year stood at $18.21 billion, an 11% year on year growth.

"This remarkable success in remittances has brought relief for us, especially during the Covid-19 pandemic when we are going through uncertainty in exports due to the global economic downturn," said the finance minister in his speech.

"This enviable growth in remittances has been possible, largely due to the continuation of cash incentives at the rate of 2% for remittances from Bangladeshis abroad, incentives announced by the Hon'ble Prime Minister and the simplification of the process of channeling remittances," the minister added.

Considering the ground reality, the finance minister proposed continuing the cash incentive program, at the rate of 2% in the next fiscal year as well. 

Top News

remittance / Finance Minister

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Finance projects export fall, remittance rise
    Finance projects export fall, remittance rise
  • Photo: TBS
    After 72-hour ultimatum, health directorate goes after illegal medical facilities 
  • Photo: Bloomberg
    Direct shipping now to Netherlands 

MOST VIEWED

  • British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
    BII to invest $450m in Bangladesh in 5 years
  • All banks have to sell dollars at same rate
    All banks have to sell dollars at same rate
  • Representational image. Picture: Pixabay
    Govt raises regulatory duty to discourage imports of 130 products
  • Representational Image. Photo: Mumit M/TBS
    Govt to list products to suspend imports amid dollar crisis
  • BPC hunts for dollar to import fuel oil
    BPC hunts for dollar to import fuel oil
  • Changes in NBFIs’ deposit, lending rates in the offing
    Changes in NBFIs’ deposit, lending rates in the offing

Related News

  • Finance projects export fall, remittance rise
  • The economics of remittance subsidy
  • Social Islami Bank launches ‘Remittance and Deposit Product Campaign’
  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 

Features

Women voluntarily joined the peaceful procession and protested by wearing clothing of their own choice. Photo: Trishia Nashtaran

The unhealthy obsession with what women wear

2h | Panorama
Illustration: Freepik

Bangladesh is on the verge of destigmatising menstruation

6h | Features
Photo: Collected

The death of Davos?

12h | Panorama
A male Baya Weaver beating wings. Photo: Enam Ul Haque

Baya Weavers weave: ‘Must be witnessed to be fully credited’

15h | Panorama

More Videos from TBS

Attorney General's suggestion to reduce case clutter

Attorney General's suggestion to reduce case clutter

6h | Videos
Russian forces take Liman city of Ukraine

Russian forces take Liman city of Ukraine

6h | Videos
JU food prices spike, students suffer

JU food prices spike, students suffer

6h | Videos
5% tax on poultry farmers earning above Tk10 lakh

5% tax on poultry farmers earning above Tk10 lakh

6h | Videos

Most Read

1
Bangladesh Bank GM, DGM’s designation changed
Banking

Bangladesh Bank GM, DGM’s designation changed

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

5
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

6
Photo: Collected
Industry

Spanish recycled cotton producer opens new facility in Bangladesh

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab