BB eases rules for cash incentives to boost inward remittances
BI Report || BusinessInsider
Bangladesh Bank headquarters in Dhaka. Photo: File
From now on, remitters do not need to submit any document for availing of the cash incentive the government offers.
To avail 2.5 percent cash incentive, remitters, sending money equivalent to $5,000 or more, were required to submit related documents through the exchange house abroad.
The central bank issued a circular in this regard on Monday.
This new facility will remain in force until further notice, the circular said.
This new facility also comes at a time when the exchange rate against the US dollar is rising at an alarming rate with increasing pressure on the country's foreign reserves.
Therefore, the decision comes to encourage the increase of inward remittance through legal channels.
However, Bangladesh received $2.09 billion in remittances in April, the highest amount in a single month of the current fiscal year.
