Dr. Atiur Rahman
Governor
Bangladesh Bank
Let me take this opportunity to congratulate all member banks of ELDORADO – remittance
& payment system, for taking a ground breaking initiative to institute a common
electronic platform for delivering inward remittances from the originating institutions
to ultimate beneficiaries in Bangladesh. I also convey my regard to DFID, UK for
partnering the Remittance & Payment Challenge Fund (RPCF), under which the project
was initiated.
This unified private platform for inward remittances will facilitate the individual
beneficiaries to receive a secured, faster and user-friendly service from the banks
at a reduced price. Real time online facility will instantaneously enable the member
institutions to render the remittance payment services even at the distant corners
of Bangladesh. This will help further popularizing the formal banking channels among
the non-resident Bangladeshis for sending their hard-earned foreign currency and
thus to reduce tendency of using illegal informal channels. Increase in cash flow
will lead to more deposits for the banks and also contribute to the influx of foreign
exchange reserve of the country.
Electronic reconciliation facility will enhance the capacity to process and payment
of large volume of inbound remittances and will result in more accurate monitoring
and tracking of the inflow of funds in the economy. This will also help the Government
to further strengthen its Anti-money laundering campaign.
I look forward to more institutions, who will join this novel initiative. This will
help Bangladesh to become technologically advanced nation in near future.
I wish its every success.
Dr. Atiur Rahman