Bangladesh introduces 2pc incentive to cut remittance transfer cost

The government has introduced 2 percent incentive on inward remittances.

Finance Minister AHM Mustafa Kamal proposed in his budget speech on Thursday to allocate Tk 30.6 billion to reduce money transfer costs.

The proposal aims to mitigate the burden of increased expenses in sending foreign remittances and encourage bringing in foreign remittances through legal channels, Kamal said.

“This will significantly increase the remittance flow through legal channels and discourage the ‘hundi’ business.”