In a bid to expedite remittance inflow Bangladesh Bank (BB) cut the disbursement time of remittance to the beneficiaries by a third of the current time- frame.
The central bank in a directive issued on Wednesday asked all banks to disburse the remittance to the beneficiaries in two working days instead of current 72 hours or three-day time-frame.
“The time limit was reduced to bring more dynamism in the inflow of remittance,” the central bank said.
The central bank took the decision against the backdrop of falling trend in remittance inflow in the recent months. After showing steady rise in the past three consecutive financial years, remittance inflow to the country in the immediate past 2013-14 financial year (FY14) demonstrated a downbeat trend.
The country received $14227.51 million ($14.22 billion) in remittance in FY14, which was 1.61 percent lower than the $14461.14 million ($14.46 billion) remittance received in 2012-13 financial year (FY13).