Bangladesh Performs Better in Reducing Remittance Transfer Cost for SDGs

Bangladesh has performed well in bringing down the remittance transfer cost, a target of Sustainable Development Goals, set by the United Nations General Assembly in 2015 for the year 2030.

The remittance transfer cost in Bangladesh has been less compared to the neighbouring countries such as India, Nepal and the Philippines, according to a study report revealed recently.

The 2030 Agenda for Sustainable Development enshrined 17 Sustainable Development Goals (SDGs) and 169 targets to be achieved over the next 15 years.

Goal 10 of the SDGs recommend reducing inequality within and among countries and its 10.c target stated that by 2030, the countries would have to reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent.

Jagannath University’s economics professor M Habubur Rahman conducted the study on ‘An In-depth report of the progress of the implantation of SDG Targets on Migration and Development by Bangladesh Government’

The study found that Bangladesh achieved the targets for 2020 and 2025 and got pretty close to the 3 percent target for SDG terminal year.

Professor Habibur Rahman who presented study findings at a dialogue organized by Parliamentarians’ Caucus ob Migration and Development said the current status of the remittance transfer cost in Bangladesh has been 3.20 per cent.

He made the estimate referring to the World Bank data for the quarter ended in June 2018.<!--

Speaking at the dialogue, the lawmakers claimed that Bangladesh government decided to provide 2 per cent incentives to the migrant workers encouraging to send remittance through formal banking channels.

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