Banks will stop charging any fee for handling inward remittances from Monday (November 7). The decision comes at a time when remittances have been falling for two straight months, adding to the pressure on the country’s foreign exchange reserves.
It is hoped that the move can act to boost the inflow of remittances through the official channels.
Read: Falling exports-remittances: Double blow to Bangladesh economy
This decision was taken at a joint meeting of the bank’s top executives, the Association of Bankers, Bangladesh (ABB), and the Bangladesh Foreign Exchange Dealers Association (BAFEDA), held at the Sonali Bank building on Sunday.
Besides, the foreign exchange houses will be open even on weekends to facilitate remitters for sending remittances to the country. This decision will be effective from (November 7).
Read: Remittance: Bangladesh Bank tells banks to provide Tk 107 per dollar