Make remittance transfer mechanism transparent
Speakers at a consultation have called for making remittance transfer mechanisms more transparent and accountable, says a press release.
They also urged the money transfer agencies to lower the fees and establish fair exchange rates.
The national consultation on 'Remittances and Corporate Social Responsibility of Money Transfer Institutions' was organised jointly by Warbe Development Foundation and Refugee and Migratory Movements Research Unit (RMMRU) at Dhaka Reporters' Unity on Tuesday.
Quoting World Bank figures, keynote speaker Debayani Kar of Migrant Forum in Asia and Transnational Institute for Grassroots Research and Action, informed that migrants send back home more than US$ 300 billion annually, of which US$ 260 billion flow to the developing countries.
She said the governments, along with businesses and international financial institutions, view migrants as the newest market to tap into.
She regretted that despite such positive contribution, migrants' rights are often overlooked.
In this context, she urged the governments and the money transfer industry not to overlook their responsibilities towards remitters and demanded that they undertake programmes to improve their services to migrants and reinvest the profits for the benefit of migrant communities.
Dr Qazi Kholiquzzaman Ahmad, president of Bangladesh Economic Association, underscored the fact that migrant workers are often socially excluded.
He called for an attitudinal change in all sectors to recognise the positive contribution of migrants.
Explaining the concept of corporate social responsibility, Dr Ahmad stated that private companies and banks that benefit from transfer of remittances should invest in skill development of migrants, support research initiatives on labour migration and provide loan to migrants so that they do not have to sell property to finance migration.
Anisur Rahman Khan, secretary general of Warbe Development Foundation, asked the money transfer institutions to undertake welfare activities for the migrant communities.
Mohammad Abdul Mannan of Islami Bank said specialised investment products should be developed targeting the migrant workers and members of their families.
He said banks should be allowed to post more representatives in labour receiving countries.
Farida Akhter of Ubinig said the re-integration programmes may be financed by companies that profit from money transfer business.
In his address as chair, Dr C R Abrar observed that migrants often have to pay hefty sums as fees for remitting money.
He called upon the money transfer companies to initiate and support projects that directly benefit migrants and members of their families.
He urged the government to frame a migrant protection law for remittance transfer that would ensure that remitter is adequately informed about the fees, the exchange rate and transfer time involved.
Nazrul Islam of Agrani Bank, AKM Mosharraf Hossain of Bangladesh Krishi Bank and Ashit Das of Ain O Salish Kendra took part in the consultation that was attended by representatives from Unifem, IOM, Acils and Brac.
Committed to PEOPLE'S RIGHT TO KNOW
They also urged the money transfer agencies to lower the fees and establish fair exchange rates.
The national consultation on 'Remittances and Corporate Social Responsibility of Money Transfer Institutions' was organised jointly by Warbe Development Foundation and Refugee and Migratory Movements Research Unit (RMMRU) at Dhaka Reporters' Unity on Tuesday.
Quoting World Bank figures, keynote speaker Debayani Kar of Migrant Forum in Asia and Transnational Institute for Grassroots Research and Action, informed that migrants send back home more than US$ 300 billion annually, of which US$ 260 billion flow to the developing countries.
She said the governments, along with businesses and international financial institutions, view migrants as the newest market to tap into.
She regretted that despite such positive contribution, migrants' rights are often overlooked.
In this context, she urged the governments and the money transfer industry not to overlook their responsibilities towards remitters and demanded that they undertake programmes to improve their services to migrants and reinvest the profits for the benefit of migrant communities.
Dr Qazi Kholiquzzaman Ahmad, president of Bangladesh Economic Association, underscored the fact that migrant workers are often socially excluded.
He called for an attitudinal change in all sectors to recognise the positive contribution of migrants.
Explaining the concept of corporate social responsibility, Dr Ahmad stated that private companies and banks that benefit from transfer of remittances should invest in skill development of migrants, support research initiatives on labour migration and provide loan to migrants so that they do not have to sell property to finance migration.
Anisur Rahman Khan, secretary general of Warbe Development Foundation, asked the money transfer institutions to undertake welfare activities for the migrant communities.
Mohammad Abdul Mannan of Islami Bank said specialised investment products should be developed targeting the migrant workers and members of their families.
He said banks should be allowed to post more representatives in labour receiving countries.
Farida Akhter of Ubinig said the re-integration programmes may be financed by companies that profit from money transfer business.
In his address as chair, Dr C R Abrar observed that migrants often have to pay hefty sums as fees for remitting money.
He called upon the money transfer companies to initiate and support projects that directly benefit migrants and members of their families.
He urged the government to frame a migrant protection law for remittance transfer that would ensure that remitter is adequately informed about the fees, the exchange rate and transfer time involved.
Nazrul Islam of Agrani Bank, AKM Mosharraf Hossain of Bangladesh Krishi Bank and Ashit Das of Ain O Salish Kendra took part in the consultation that was attended by representatives from Unifem, IOM, Acils and Brac.
Committed to PEOPLE'S RIGHT TO KNOW
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