Steps taken against remittance inflow thru non-banking channels: BB

Bangladesh Bank Governor Fazle Kabir has said remittance inflow through proper banking channel has increased as the central bank has taken initiatives to discourage it through non-banking channels.
The central bank chief made the remark when the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) led by its President Abul Kasem Khan met him at his office on Thursday.
He echoed the proposal of the DCCI President and said that for long-term financing for large mega infrastructure projects, they should have bond system in capital market as the banks are not financing for long tenure.
The governor said they need to create profitable large projects and if that could be done then financing will not be a problem.
He informed that the existing liquidity crisis is a very temporary matter and very soon there will be no liquidity crisis in the money market. He requested the businessmen of Bangladesh to invest their money in Bangladesh to create more jobs.
Fazle Kabir said there are many incentives for non-resident Bangladeshis if they invest in Bangladesh.
To develop the rural economy, the governor said, the Bangladesh Bank has given directives to commercial banks to increase their lending, especially the SMEs of rural areas of Bangladesh.
Change Management Adviser of Bangladesh Bank Allah Malik Kazemi, Banking Reform Adviser of Bangladesh Bank SK Sur Chowdhury, Chief Economist of Bangladesh Bank Dr Faisal Ahmed were also present.    —UNB