Dutch-Bangla Bank Limited (DBBL) has taken initiatives to facilitate smooth flow of foreign exchange by Bangladeshi expatriates living abroad.
In this connection, Managing Director (MD) of the bank Md Yeasin Ali visited the United Arab Emirates (UAE) and exchanged views with the non-resident Bangladeshis (NRBs) living there at the Bangladesh embassy recently.
Bangladesh Ambassador to the UAE Nazimullah Chowdhury was present at the views exchange meeting in Abu Dhabi as the chief guest.
"The DBBL has taken a diversified and prompt system to send remittance by NRBs through the Bangladeshi banking channel specially by our bank," a DBBL source told the FE Wednesday.
The country received US$408.67 million from NRBs living in the UAE in 2005-06 fiscal while the amount was $442.24 million in 2004-05 fiscal.
A total of 0.5 million Bangladeshis live in the UAE and they are contributing a lot to the economic development of both the UAE and Bangladesh, he pointed out.
"The whole Middle-East is a hub of receiving remittance for Bangladesh, so it is our national priority to expand business with these countries," another DBBL source said.
The country receives about Tk 40 billion a month on an average as remittance from the expatriates living in different countries around the world to keep the country's macro-economic condition stable.
The DBBL has already established money transfer arrangement with some of the world famous exchange companies/banks including UAE Exchange Centre LLC, UAE, Western Union Money Transfer Services Inc, USA, Al-Ahalia Money Exchange Bureau, UAE, Kuwait Asian International Exchange Company, Kuwait, Al-Musa Exchange Company WLL, Kuwait, Eastbengal Exchange Inc, Toronto, Canada, Unicredito Italiano, SPA, Italy and Doha Bank, Qatar.
The DBBL source said they are very sincere in transferring the hard-earned foreign exchange of NRBs to different places of the country through its latest online-based electronics system.
Sources concerned said the managing director during his tour visited Dubai, Abu Dhabi, Sarjah and Azman branches of UAE Exchange and also the branches of Abu Dhabi and Musaffah of Al-Ahalia Money Exchange Bureau.
Speaking on the occasion, the ambassador called upon the Bangladeshi expatriates living in the UAE to send their hard-earned money through the state-of-the-art technology of DBBL.
The envoy also appreciated the social and philanthropic activities of the DBBL.
On the other hand, the DBBL managing director said the huge remittances send by the NRBs play an important role in the economic development of the country.
In this connection, he called upon the NRBs residing in the UAE and other parts of the world to remit their hard-earned foreign exchange through the latest technology-based system of the bank.
He also expressed the optimism that the new move would help reduce the menace of 'hundi' and help keep the economy in right track.
Councillor (labour) of Bangladesh embassy in the UAE Siddiqur Rahman, businessmen, engineers, doctors and educationists were also present on the occasion.