Speakers at a roundtable discussion hosted by the Bangladesh Institute of Bank Management (BIBM) on Wednesday emphasized the critical need for effective strategies to enhance remittance inflow into Bangladesh.
The event, titled “Remittance Inflow in Bangladesh: Pre-Migration Financial and Non-Financial Initiatives,” gathered prominent figures from the banking and academic sectors to discuss the role of targeted pre-migration initiatives in bolstering remittance contributions from expatriates.
The programme featured Nurun Nahar, Chairman of the BIBM Executive Committee and Deputy Governor of Bangladesh Bank, as the chief guest. Obayed Ullah Al Masud, Chairman and Independent Director of Islami Bank Bangladesh PLC, attended as the guest of honour.
The welcome address was delivered by Md Shihab Uddin Khan, Associate Professor and Director of Research, Development, and Consultancy at BIBM. The session was chaired by Dr Md Akhtaruzzaman, Director General of BIBM.
A key highlight of the discussion was a paper presented by Dr. Prashanta Kumar Banerjee, Selection Grade Professor at BIBM. The paper outlined significant financial and non-financial initiatives that can be implemented prior to migration to enhance remittance inflow.
The research team, which included notable academics such as Mr. Mohammad Mohiuddin Siddique, Professor (Selection Grade) at BIBM; Mr. Mahmud Salahuddin Naser, Director of the Monetary Policy Department at Bangladesh Bank; and Dr. Shamsun Nahar Momotaz, Associate Professor at BIBM, contributed to the comprehensive analysis.
During the session, designated discussants provided valuable insights, including Md Ali Hossain Prodhania, Supernumerary Professor of BIBM; Mohammad Jamal Uddin, Executive Director of the Foreign Exchange Operation Department at Bangladesh Bank; Md Mazibur Rahman, Managing Director of Probashi Kallyan Bank; and Mohammad Saidul Islam, Joint Secretary of the Administration and Finance Wing of the Ministry of Expatriates’ Welfare and Overseas Employment. Their contributions highlighted the multifaceted nature of remittance challenges and opportunities.
The discussions underscored the importance of pre-migration financial literacy programs, which can equip potential migrants with essential knowledge regarding banking, savings, and investment options.
Additionally, the need for support networks that connect aspiring migrants with successful expatriates was emphasized as a means to provide guidance during the migration process.
The roundtable also advocated for improved access to affordable financial services, including low-interest loans, to facilitate better financial preparation for migrants. Furthermore, fostering collaboration among government agencies, financial institutions, and NGOs was identified as essential for creating a supportive ecosystem for potential expatriates.
A diverse audience, including senior bank executives, academicians, media representatives, and BIBM faculty members, attended the event. The discussions served to highlight the significant role of remittances in Bangladesh’s economy and the need for concerted efforts to enhance these inflows, ultimately benefiting both migrants and their families.
The roundtable concluded with a call to action for all stakeholders to prioritize and implement the discussed initiatives to create a more robust framework for supporting Bangladeshi expatriates and maximizing the potential of remittances for national development.
