Financial Sectors of Bangladesh and Saudi Arabia to Collaborate to Reduce Remittance Costs: Bangladesh Bank Governor

Staff Reporter | PNN

Bangladesh Bank Governor Dr. Ahsan H. Mansur has called for the financial institutions and central banks of Bangladesh and Saudi Arabia to work together to reduce the cost of sending remittances from Saudi Arabia. He made the remarks on Tuesday at the inauguration of the Saudi Arabia-Bangladesh Business Conference held at a hotel in Dhaka. The event was attended by BNP Standing Committee member Amir Khasru Mahmud Chowdhury as a special guest.

Governor Dr. Mansur stated that expatriates sending money from Saudi Arabia are currently bearing costs ranging from 6 to 10 percent, which is a significant burden for them. “To ensure efficient and low-cost money transfers, the banks and financial institutions of both countries can work together,” he said.

He also highlighted that Bangladesh is progressing toward a half-trillion-dollar economy and is on the path to a trillion-dollar economy. Despite natural and political challenges, the country’s growth in the past 30 years has never fallen below 3.5 percent. He urged Saudi investors to consider long-term investments in Bangladesh.

During the conference, the governor emphasized the welfare and quality of life of Bangladeshi workers. He also suggested creating investment opportunities for large-scale projects in Bangladesh through funds like the Saudi Public Investment Fund.

Additionally, ABCCCI President Ashraful Haque Chowdhury and Policy Exchange Chairman Masrur Riaz spoke at the event, highlighting the enormous potential for trade and investment between the two countries, particularly in garments, textiles, agricultural products, IT, and human resources. Currently, around 2.1 million Bangladeshis work in Saudi Arabia, but only 22 percent are skilled workers. They suggested that joint initiatives to enhance skills could further expand this potential.