Cash incentive on remittance increased to 5%

Expatriates will get five percent incentive from today if they send remittances to the country through legal channels.

Earlier only 2.5 percent incentive was given by the government. From now on, the banks will provide 2.5 percent side by the government.

Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) took this decision to increase the pace of remittances through legal channels to overcome the dollar crisis.

According to the decision, from today, banks will be able to offer incentives at the rate of 2.5 percent per dollar. However, the selling price of import dollar has been kept unchanged at Tk110.5.

As a result, expatriates or remittance earners will get Tk116 against one dollar of remittance.

Bank officials said that dollars are not available at the fixed price. In this situation, the decision was taken to tackle the dollar crisis. Following the step, expatriates will be interested to send remittances through legal channels.