‘Digital platform can be most effective medium to increase remittance’
DHAKA, Nov 9, 2022 (BSS) – Speakers at a seminar today said that the digital platform could be the best medium in the country to make the remittance sending process much easier.
They said one of the easiest ways to overcome the foreign exchange crisis is to increase the remittance inflow.
In this regard, the speakers also said initiatives should be taken to ensure that money sent through legal channels reach the beneficiaries safely and instantly alongside making the remittance sending process much easier.
The speakers expressed such opinion at a seminar titled “Remittance through Legal Channel: Prospects of Digital Platform” organized by the Economic Reporters’ Forum (ERF) held at its office in the capital’s Purana Paltan area.
Planning Minister MA Mannan spoke at the seminar as the chief guest while renowned economists, bankers and industry experts put forward various recommendations.
Speaking on the occasion, Mannan said that remittances cannot be increased unless the distance between expatriates and the legal channels is reduced. “The government is working on it. Digital platforms can play a pivotal role in this regard.”
He said transactions with foreign countries remain closed for three days a week in the banking channel. “For this reason, hundi is being preferred as a better transaction route. The government wants to break these traditional barriers and start a new trend. These issues must be dealt with. The Ministry of Finance and the Bangladesh Bank are working on this.”
Ahsan H Mansoor, executive director of Policy Research Institute (PRI) said, “To increase remittances through legal channels, the dollar market needs to be balanced. Migrant workers are more inclined to send remittances via hundi when the dollar exchange rate between legal and illegal channels is high.”
He said through various awareness