Pensioners' scheme to be introduced for NRBs, says Bangladesh Bank Governor

Pensioners’ scheme will be introduced for non-resident Bangladeshis (NRBs) so that the remittances they send back home can yield returns, says central bank governor Atiur Rahman.

Speaking at a discussion panel on remittances at the WB-IMF spring meetings at Washington, Rahman said that a savings scheme, similar to the existing one for retired public servants, will be introduced for NRBs.

“If the NRBs invest a part of the remittances in such saving scheme, then they will be able to spend it for their family when they return. It could be handy small-scale investments,” he told reporters after the discussion.

The government will be able to invest the money on infrastructure while the expatriates would have a guarantee to ‘live well after retirement’, according to Rahman.

He said that the existing US Dollar Bond of the government will be available for remittance earners besides the new Pensioners’ Scheme. 

“There’s no interest income from deposits in banks in foreign countries. If we offer four or five percent interest, then our expatriates will invest in the pensioners’ scheme.”

Participants at the discussion emphasised on bringing remittances into the mainstream of the development. BB governor Rahman said: “We also want to do that and that’s why pension scheme for NRBs will be introduced.”

Later the Bangladesh Bank chief and the National Board of Revenue Chairman Md Nojibur Rahman held a meeting with officials of international credit rating agency Moody’s.

The governor said he hopes Bangladesh will be able to maintain a positive streak in this year’s Moody’s rating as well.