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SUBMITTED TO:
Dr. A. A. Mahbub Uddin Chowdury
Professor & Chairman, Department Of Finance
University Of Dhaka
SUBMITTED BY:
Name ID
Rakib Ahmed Saleh 14018
Md. Amanur Rahman 16053
Mahamudul Hasan Roni 17046
Ahmed Fazle Rabbi 17056
Pallab Sikder 18016
SUBMISSION DATE:
December 11, 2011
1
A Term Paper on
Remittance: National Banks Experience
(An Observation of Malaysia)
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Executive Summary
Economic development for the developing countries like Bangladesh is largely dependent on
foreign remittances. The amount of money sent home by Bangladeshis living abroad are the
countrys second-highest revenue earner after exports. In recent years, Bangladesh has been
devoting efforts for attracting Bangladeshis living abroad to send remittance through proper
channel. Though attempts taken to increase foreign remittance inflow, the result achieved is
not appreciable enough for Bangladesh. NBL(National Bank Limited) on of the leading
Private Commercial bank has taken some initiatives to promote the foreigners to send money
through proper channel. This paper mostly based on secondary data will help us to have some
idea how to increase the remittance flow from NBLs Malaysias experience.
The fully owned subsidiary in the name of NBL Money Transfer Sdn Bhd, went into
operation in Malaysia in October 2009.Tvvo more branches of the company were opened in
the year 2010. The Bank obtained foreign remittance of USD 21.66 million (BDT 1,511.78
million) from Malaysia in 2010 through this company.
The role of remittances in the economies of labour sending countries such as Bangladesh is
assuming increasing importance. It is viewed as a very stable source of foreign exchange
and even as being counter-cyclical .The effect of remittances on the macro-economy of a
country has been well documented in the literature. The incoming foreign exchange helps
receiving countries to pay import liabilities, improve their balance of payments position,
strengthen foreign exchange reserves and finance external debt.
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Objectives:
The main objectives of the study are to review the flows of remittances; and to identifyconstraints in the policy, regulatory, and institutional framework that impact these flows. Thestudy then will develop proposals to address the identified problems and constraints with thegoals of:
(i) Increasing remittance volumes, if possible;
(ii) Facilitating the shift from informal to formal channels; and
(iii) Encouraging, where applicable, the use of remittance proceeds for sustainable povertyreduction.
Assumptions
The main assumptions are that sending remittances through formal channels would
(i) Reduce the cost of serdcing these flows, while increasing net formal sector remittanceflows;
(ii) Strengthen the integrity of the financial syMeM by ensuring compliance with anti-moneylaundering (AML) and antiterrorist financing standards;
(iii) Encourage the use of banking facilities to enfranchise OFWs and their families; and
(iv)Mobilize savings for productive investments.
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CHAPTER: ONEIntroduction, Methodology and Limitations of the Study
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1.1 Introduction
Remittance is the life line of Bangladesh economy. Some 4.5m nonresident Bangladeshis are
working abroad [9], and sending home hard earned foreign currencies. It is believed that the
actual number of Bangladeshi migrants, both legal and illegal, would be close to 7.5 million.
The remittance market of Bangladesh has been showing a steady growth in terms of incoming
remittance volume. Considering the current macro-economic indicators: it seems that this
growth run will continue in the coming years. Currently the remittance process is mostly
manual, partially automated. Migrants use different methods in sending remittance involving
both official and unofficial channels. A major portion of remittance is being processed by
Hawalas which is also known as hundi , which is an illegal process. And these Hawallas
are getting market due to lengthy process of remittance management using banking channel
Foreign remittance in developing countries especially in Bangladesh takes a vibrant part
of GDP acceleration and rapid economic growth Foreign remittance affects by some
important determinants like as GDP per capita, average growth rate of GDP, foreign
reserve, gross capital formation, human capital, terms of trade and others essential
infrastructure. Foreign remittance inflows to Bangladesh have increased dramatically in
recent years and have had some positive influence on development
The importance of foreign remittances in the economy of Bangladesh is widely recognised
and requires little reiteration. Along with the readymade garment (RMG) sector and non-farm
activities in the agricultural sector, remittances have been identified as one of the three key
factors that have been responsible for reducing the overall incidence of poverty in
Bangladesh
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1.2 Methodology
The report was prepared maintaining the following steps:
Theoretical discussions are from the teachers lectures, text and reference books.
Information collected from different websites and journals.
Analysis of the information or data using M.S. Office.
1.3Limitations of the Study
We have faced some usual constraints during the study. These are as follows:
Up to date foreign remittance data were not available for some analyses.
The study was conducted within a very limited time. So, a comprehensive study
was not possible.
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CHAPTER: TWOA Literature Overview of Remittance
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2.1What is Remittance?
A remittance is a transfer of money by a foreign workerto his or her home country.
Remittances are playing an increasingly large role in the economies of many countries,
contributing to economic growth and to the livelihoods of less prosperous people (thoughgenerally not the poorest of the poor). According toWorld Bankestimates, remittances
totaledUS$414 billion in 2009, of whichUS$316 billion went to developing countries that
involved 192 millionmigrant workers.[2]For some individual recipient countries,
remittances can be as high as a third of their GDP.[2]As remittance receivers often have a
higher propensity to own a bank account, remittances promote access to financial services for
the sender and recipient, an essential aspect of leveraging remittances to promote economic
development. The top recipients in terms of the share of remittances in GDPincluded many
smaller economies such asTajikistan (45%),Moldova(38%), andHonduras(25%).
Top recipient countries
CountryRemittances
2006Remittances
2007Remittances
* 2008Remittances
2009Remittances*
2010
Israel $ 13.5 billion $ 14.4 billion $ 16.6 billion $ 20.2 billion NA
India $ 26.9 billion $ 27 billion $ 45 billion $ 55.06 billion $ 55 billion
China $ 22.52 billion $25.7 billion $ 40.5 billion NA $ 51 billion
Philippines $ 12.7 billion $ 14.4 billion $ 16.4 billion $ 17.3 billion $ 21.3 billion
Mexico $ 25.6 billion $ 26.1 billion $ 25.1 billion $ 21.2 billion $ 22.6 billion
Poland $ 8.5 billion $ 12.5 billion $ 13.75 billion NA $ 9.1 billion
Bangladesh $ 5.5 billion $ 6.6 billion $ 9.0 billion $ 10.7 billion $ 11.7 billion
Pakistan $ 5.1 billion $ 6.0 billion $ 7.0 billion $ 8.7 billion $ 11.2 billion
*World Bank estimated
Central Bank data for: Bangladesh, Mexico, Pakistan, Philippines
2.2 The importance of remittances
8
http://en.wikipedia.org/wiki/Wire_transferhttp://en.wikipedia.org/wiki/Migrant_workerhttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/Migrant_workerhttp://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/Tajikistanhttp://en.wikipedia.org/wiki/Moldovahttp://en.wikipedia.org/wiki/Hondurashttp://en.wikipedia.org/wiki/Hondurashttp://en.wikipedia.org/wiki/Israelhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Polandhttp://en.wikipedia.org/wiki/Bangladeshhttp://en.wikipedia.org/wiki/Pakistanhttp://en.wikipedia.org/wiki/Wire_transferhttp://en.wikipedia.org/wiki/Migrant_workerhttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/US$http://en.wikipedia.org/wiki/Migrant_workerhttp://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/Remittance#cite_note-go.worldbank.org-1http://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/Tajikistanhttp://en.wikipedia.org/wiki/Moldovahttp://en.wikipedia.org/wiki/Hondurashttp://en.wikipedia.org/wiki/Israelhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/Polandhttp://en.wikipedia.org/wiki/Bangladeshhttp://en.wikipedia.org/wiki/Pakistan8/3/2019 Remittance Final
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The increasing attention paid to the question of migrant remittances comes from the
realization of the important role they play in poverty alleviation and, circumstances
permitting, economic development more broadly. The former is most obvious in the way
the circumstances of individuals are directly transformed; the latter operates via a
collective response much dependent on the existence of institutions that can leverageremittances to create true development finance.
Individual poverty alleviation
Remittance payments directly alleviate the poverty of the individuals and households to
whom they are sent.
The ways in which remittances alleviate the poverty of individuals are, in the first round
of effects, direct and fairly obvious. They include the following.
Survivalist income supplementation. For many recipients, remittances provide foodsecurity, shelter, clothing and other basic needs.
Consumption smoothing Many recipients of remittances, especially in rural areas,have highly variable incomes. Remittances allow better matching of incomes andspending, the misalignment of which otherwise threatens survival and/or the taking on ofdebt.
Education In many developing countries, education is expensive at all levels, whatever
the formal commitments of the State. Remittances can allow for the payment of schoolfees and can provide the wherewithal for children to attend school rather than working forfamily survival.
Housing The use of remittances for the construction, upgrading and repair of houses isprominent in many widely different circumstances.
Health Remittances can be employed to access preventive and ameliorative health care.As with education, affordable health care is often unavailable in many remittance-recipient countries.
Social spending Day-to-day needs include various social expenditures that areculturally unavoidable. Remittances can be employed to meet marriage expenses andreligious obligations and, less happily but even more unavoidable, funeral and relatedcosts.
2.3 Broader concerns: remittances and economic development
Remittance income does not benefit just individual recipients; it benefits the local and
national economies in which they live. Indeed, the spending allowed by remittances has a
multiplied effect on local economiesas funds subsequently spent create incomes for others
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and stimulate economic activity generally. Beyond such multiplier effects, however, are other
factors conducive to economic growth and stability.
Remittances can provide receiving countries with much-needed foreign exchange.
Adding to the appeal of remittance flows to local and national economies is the factthat their frequency and magnitude tend to be counter-cyclical. Economic distress inthe home countryprecisely the scenario least conducive to other financial flowssuch as FDIinspires migrant workers to increase the volume of funds they remit.
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CHAPTER: THREEChannels of Remittances Inflow
3.1 Channels of Remittances in Asia
We broadly identify two types of remittance systems:
(i) Formal and
(ii) Informal.
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Formal system Formal systems are those that operate under the regulated financial
system. In formal systems the institutions involved in money transfers are supervised by
government agencies and laws
Informal system
International Labor Organization (ILO) reveals that "In Bangladesh, 46 percent of the total
volume of remittance has been channeled through official sources, around 40 percent
through hundi, 4.61 percent through friends and relatives and about 8 percent of the total was
hand-carried by migrant workers themselves when they visited home. Others include the sale of
work visas." Considering the above statistics of the IMF and ILO, it is evident that 40 to 59
percent of remittances were made into Bangladesh through hundi
Remitting Channels
Official Source
Hundi
Friend
Hand Carriedothers
Source (Bangladesh enterprise institute)
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CHAPTER: FOURBangladesh Scenario: Export-Import-Remittance and Overseas
Employment
4.1 Bangladesh Scenario: Export-Import-Remittance and OverseasEmployment
Export-Import-Remittance Information
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We do not have the exact data of how many of the remitters are workers and how many areimmigrants but from the remittance inflow shows that more than 75% of the total remittancecame from middle east, Malaysia, Singapore and Italy where the remitters are mostlyworker. Most of their family in Bangladesh is wholly dependent on the remitted money sent
by them.
Year Import Export Remittance
2001-02 8.54 5.99 2.50
2002-03 9.66 6.55 3.06
2003-04 10.90 7.60 3.37
2004-05 13.15 8.65 3.85
2005-06 14.75 10.53 4.80
2006-07 17.16 12.18 6.00
2007-08 20.37 14.11 7.91
2008-09 21.44 15.57 9.69
2009-10 23.74 14.76 10.99
2010-11 33.66 20.31 11.65
Source: http://www.mincom.gov.bd/export_info.php
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
-02
-03
-04
-05
-06
-07
-08
-09
-10
-11
Fig: Export-Import-Remittance Information
4.2 Bangladesh Scenario: Overseas Employment
Year wise Bangladeshi Overseas employment
Year Worker Year Worker Year Worker 1976 6087 1988 68121 2000 222686
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Top Ten Countries
4.2 Bangladesh Scenario: Remittance and Foreign Exchange reserve
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Foreign exchange reserve and remittance marked an important milestone in Bangladesheconomy in last couple of years and in 2010-11 they sent 11.65 billion US dollar. In tenyears, foreign currency reserve grew from $1 billion to cross the $10 billion mark this yearfor the first time.Both foreign exchange reserve and remittance were broadly immune to the
global recession that has been lingering for around two years now.Surprised at the successes,experts also cautioned the government against any inflationary pressure that may be caused
by the achievements in remittance and foreign exchange reserve. A few years ago,Bangladesh received remittance of $2 billion to $3 billion annually. The amount crossed $5
billion in fiscal 2006-07. The remittance inflow was $10.99 billion in the last fiscal year witha growth of 13.41 percent.
In the year 2010 the main reasons behind the increase in foreign exchange reserve are adecline in import and the boost in remittance. Normally import increases every year but thetrend is negative now.
Bangladesh Bank Governor Dr Atiur Rahman told: "Banking sector is much active now. Andso remittance increased. Many exchange houses and bank branches opened in differentcountries to send remittance. With the cooperation of NGOs, the system of remittancedelivery to the recipients has improved. Now we think of introducing payment throughmobile phones." (Source: The Daily Star)
If we analyze the date we find in the last 10 year on an average 35% of Import payment couldbe meet up with inward remittances.
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CHAPTER: FIVE
Remittance Observation From National Bank Limited.
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5.1 Remittance Observation From National Bank Limited.
Overseas Operations and Foreign Remittance
National Bank Limited exerted highest emphasis on overseas operation and handling a sizeable
quantum of homebound foreign remittance since beginning. By this time, it has earned a reputation asthe leader in providing such remittances not only among the customers but also among the regulators.
In 1985 the Bank established exchange house with equity ownership and management in Oman.
Subsequently many arrangements have been made with different exchange houses and also by
establishing subsidiaries abroad for expanding the Bank's overseas network in places with high
concentration of Bangladeshi expatriates.
National Bank Limited in 1993 introduced Western Union Money Transfer, a global leader in money
transfer services in Bangladesh remained lone agent till 2002. It was a breakthrough in getting prompt
payment of foreign remittances by the beneficiaries which encouraged remitters to use legal channel.
In 2010, foreign remittance brought through NBL was USD 708.67 million with an increase of USD
62.70 million over the previous year showing a growth of 9.70%.
Drawing Arrangements
The bank presently has an extensive network of drawing arrangements with 43 exchange companies
located in 15 countries including fully owned subsidiaries in Singapore and Malaysia and partially
owned Exchange Company in Oman The other countries where we have built relationship with
Exchange Companies are: Kuwait, Qatar, Bahrain, Saudi Arabia, the UAE, Switzerland, the UK, Italy,
Canada, the USA, Greece and Jordan.
Exchange Houses owned by NBL Oman:
NBL invested 25% equity in Gulf Overseas Exchange Company LLC (GOEC), a joint ventureExchange Company in Oman, operating since November 1985 under NBL Management through 6
(six) branches in the remittance prone locations. During the year 2010 the Bank received foreign
remittance of USD 59.08 million (BDT 4,165.37 million) through GOEC while it was USD 52.66 million
(BDT 3,622.70 million) in 2009.
Singapore Balaka Exchange Pte Ltd (BEPL),
Singapore went into operation in September 1999 under the management of NBL. Subsequently to
boost up its activities, National Bank acquired 100 percent ownership of BEPL in July 2007, as its first
wholly owned subsidiary abroad. In the year 2010 the company was renamed as NBL Money
Transfer Pte. Ltd, Singapore. In the year 2010 NBL received inward remittance of USD 45.88 million
(BDT 3,192.45 million) through this subsidiary registering a significant increase over the previousyear's figure of USD 39.33 million (BDT 2,998.40 million).
Offshore Banking Unit
Offshore Banking Unit (OBU) is a unique solution for Banks across the globe to carry out international
banking business involving Non-resident foreign currency denominated assets and liabilities taking
the advantages of low or nonexistent taxes/levies and higher return on investment. Alongside the
presence in the important localities in every nook and corner of the country, NBL has taken the
initiative to extend its network in the special export processing zones created for foreign investors and
local entrepreneur invested in 100 percent export based industry. Under the license issued by
Bangladesh Bank, NBL opened its first Offshore Banking Unit in 2008 at Mohakhali Branch, Dhaka.
This venture added a new dimension in its innovative and customer friendly business activities.
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Top ten remitting country to Bangladesh
Sl Country2010-2011
2009-2010
2008-2009
2007-2008
2006-2007 Total
1 K.S.A. 3290.03 3427.05 2859.09 2324.23 1734.70 13635.10
2 U.A.E. 2002.63 1890.31 1754.92 1135.14 804.84 7587.843 U.S.A. 1848.52 1451.89 1575.22 1380.08 930.33 7186.04
4 Kuwait 1075.75 1019.18 970.75 863.73 680.70 4610.11
5 U.K. 889.60 827.51 789.65 896.13 886.90 4289.79
6 Malaysia 703.73 587.09 282.22 92.44 11.84 1677.32
7 Qatar 319.35 360.91 343.36 289.79 233.17 1546.58
8 Others 486.13 453.86 242.36 142.17 125.05 1449.57
9 Oman 334.32 349.08 290.06 220.64 196.47 1390.57
10 Italy 215.58 182.19 186.90 214.46 149.65 948.78
11 Singapore 202.32 193.46 165.13 130.11 80.24 771.26
12 Bahrain 185.92 170.14 157.43 138.20 79.96 731.65
13 Germany 25.65 16.50 19.32 26.87 14.91 103.25
14 S.Korea 23.95 20.77 18.33 19.69 17.08 99.8215 Japan 15.21 14.74 14.12 16.29 10.17 70.53
16 Australia 12.99 8.45 6.78 13.11 11.34 52.67
17 Hongkong 11.12 8.32 9.09 8.10 6.15 42.78
18 Iran 2.32 4.49 3.28 3.24 2.36 15.69
19 Libya 5.20 1.46 1.25 0.36 2.61 10.88
Total 11650.31 10987.40 9689.26 7914.78 5978.47 46220.22Source (BB report)
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
Lat 5 years total remittance
Series
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CHAPTER: SIXRemittances from Malaysia Observation Of National bank
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6.1 Remittances from Malaysia Observation Of National bank
More than 10% of all Bangladeshi overseas workers are now working in Malaysia which is
3rd largest overseas workers market for Bangladeshis. Last year Malaysia was in the 6th
position in remitting to Bangladesh. They had remitted 704 million US$ in 2010-11 i.e.,
6.04% of total Bangladeshi remittance. Most of the workers are half or illiterate. In the
previous section we learnt that about 40% remittance in Bangladesh comes through hundi.
National Bank Ltd closely analyzed the situation and gradually taken the following steps:
1) They opened fully owned subsidiary NBL Money Transfer Sdn Bhd and spread their
business through different branches at different location of Malayisa.
2) On the weekend the officials themselves with laptops go to the Bangladeshi workers
where they live in cluster and do the remittances process on spot.
3) NBL has already developed inhouse ISO certified remittance software namely
Quickpay which is capable of doing instant cash transaction, i.e., from the Malaysia
side the remitter do the transaction and from the Bangladesh side the beneficiary can
withdraw the remitted money instantly from more than 4000 Quickpay supported
centers just showing the evidence of secret code and proper identification.
4) NBL arranged with ASA one of the leading NGO having more than 3000 branches,
Janata Bank, Islami Bank, Social Islami Bank Ltd, Pubali Bank and some other
financial institutions as service location for cash delivery.
5) In Sylhet region they have started cash home delivery system for some valued
customers.
6) They are charging at minimum level.
6.2 Remittance from Malaysia Over The Year
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Foreign workers began entering Malaysia in the 1970s as a result of the New Economic
Policys (1971-1990) efforts to restructure the economy and society and of the international
relocation of manufacturing industries to Asia
The number of migrant workers in the late 1990s was as high as three million In July 2001,
there were over 807,000 documented foreign workers in Malaysia According to one report,
over 2.25 million illegal migrants had been apprehended between 1992 and 2001
Foreign workers in Malaysia remitted about US$1.3 billion in 1997 and about 65 per cent of
remittanc To facilitate delivery of remittances, Bangladeshi banks, such as Sonali Bank,
Janata Bank, National Bank and Agrani Bank, have established contacts with some leading
Malaysian banks such as May Bank, Bank Simpanan Nasional and Bumiputra Commerce
Bank.es went to Indonesia, 22 per cent to Bangladesh and six per cent to the Philippines
Despite the availability of formal channels, the hundi system remains a leading channel for
remittances from Malaysia. Primary hundiwalas in Malaysia are both early migrants who
have already acquired documented status, usually long-term stay permits and tourist visa.
The tourist visa holders usually receive multiple entry visas to fly back and forth frequently.
6.3 Remittance Flow From Malaysia and NBLs Contribution
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Last year Malaysia was in the 6th position in remitting to Bangladesh. They had remitted704 million US$ in 2010-11 i.e., 6.04% of total Bangladeshi remittance.
Year Total BD NBL Growth BD Growth NBL
2006-07 11.84 - - -
2007-08 92.44 - 680.74% -
2008-09 282.22 1.36 205.30% -
2009-10 587.09 21.46 108.03% 1477.94%
2010-11 703.73 44.52 19.87% 107.46%
Fig in Million US$
100
200
300
400
500
600
700
800
5
10
15
20
25
30
35
40
45
50
Now we see the result in last two years NBLs remittance growth from Malaysia which is
more than 100% where as the countrys growth is 20%.
Conclusion
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Government as well as private sector has undertaken various strategies to make remittancetransfer easier and hassle free. Now, the Nationalized Commercial Banks (NCBs) have someoverseas branches/remittance wings for transferring remittances. The private commercial
banks (PCBs) also become aggressive in transferring remittances by providing quick andreliable services. Some of the PCBs also have established oversees branch or correspondence
relationship with Banks/Exchange Houses. Although the nationalized and private commercialbanks have taken various marketing strategies to transfer remittances, but even today, thechoice of remittance channel is 46% formal and 54% informal.
Recently, illegal transfer of money slid down drastically, as Bangladesh Bank (BB) hasstepped up monitoring of such transactions at home. BB so far gave license to 660 exchangehouses to set up offices abroad to facilitate remittance. Local banks are now able to delivermoney to recipients in weeks.
REFERENCES:
http://www.bangladesh-bank.org
http://www.nblbd.com
http://www.bei-bd.org/publications, Bangladesh Enterprise Institute,
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http://www.mincom.gov.bd/export_info.php
Azad, Abul Kalam (2004) Migrants Remittances: Can it be a Source of Finance for Micro-
Enterprise Development in Bangladesh?proceedings of the Asia Pacific Regional Micro
Credit Summit Meeting of Councils.
de Bruyn, T. and Kuddus U. (2005) Dynamics of Remittance Utilization in Bangladesh,
IOM, Geneva.
Finance Division (2007), Bangladesh Economic Review 2007, Ministry of Finance,
Government of Bangladesh, Dhaka.
Azad, Abul Kalam (2004) Migrants Remittances: Can it be a Source of Finance for Micro-
Enterprise Development in Bangladesh?proceedings of the Asia Pacific Regional Micro
Credit Summit Meeting of Councils.
http://www.mincom.gov.bd/export_info.phphttp://www.mincom.gov.bd/export_info.php