'22% remittance coming thru' informal channel'

Planning Minister AHM Mustafa Kamal on Thursday. said nearly 22 percent of the country’s remittance earning has been coming through informal channels.

The minister disclosed it while addressing the launching of a survey report, titled ‘Survey on Investment from Remittance-2016’, held at NEC auditorium of the Planning Commission, reports Bangladesh Sangbad Sangstha (BSS).

The Bangladesh Bureau of Statistics (BBS) conducted the survey.

“We will try to bring the remittance through formal channels and discourage the informal channel," said AHM Mustafa Kamal said.

The minister noted that the remittance is the main driving force of the country’s economy.

Dildar Hossain, project director of the survey, in his presentation showed different findings of the survey at the programme.

He said it was the main aim of the survey to provide the right and detailed information about different sectors of investment of remittance.

He said nearly 25.33 percent out of the total remittance are invested in different sectors while 74.28 percent of the invested remittances are used in the construction sector.

About 50 percent of the remittance comes through the banks while the rest through mobile banking and other sources, said Dildar Hossain.

Of the remittance, nearly 96 percent are taken in cash while 4 per cent through products, he added.

Majority of the expatriates in Middle Eastern and Asian countries are labour or employees while the expatriates in South Africa and some parts of the Middle Eastern countries are involved as businessmen, he said.

Maximum Bangladeshi expatriates are around or under the age of 35, he informed.

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