Dhaka to open bank for Bangladeshi ex­pats

Arab News - - BUSINESS - MO­HAMMED RASOOLDEEN

RIYADH: Bangladesh Am­bas­sador Go­lam Moshi an­nounced that his coun­try would open a com­mer­cial bank in Saudi Ara­bia to help his coun­try's 1.5 mil­lion ex­pa­tri­ates across the King­dom.

The en­voy was ad­dress­ing a packed au­di­ence of more than 200 re­mit­ters in Riyadh over the week­end. Moshi said plans have been chalked out by his diplo­matic mis­sion to stream­line the re­mit­tances to his coun­try from the King­dom. As much as $3.9 bil­lion is be­ing re­mit­ted by the ex­pa­tri­ate work­ers to Bangladesh an­nu­ally, ac­cord­ing to the World Bank.

Such a bank, which is to be set up ac­cord­ing to the reg­u­la­tions of the Saudi Ara­bian Mone­tary Agency, (SAMA), would help the en­tire Bangladeshi pop­u­la­tion in the King­dom to chan­nel their hard earned monies through a le­gal way, Moshi added.

“Saudi Ara­bia re­cently pre­sented its Vi­sion 2030 to boost its econ­omy. In this con­text, Bangladesh gov­ern­ment has ex­pressed its de­sire to open a com­mer­cial bank branch in the King­dom to help the pro­gres­sive ef­forts made by the King­dom,” Moshi said, thank­ing the gov­ern­ment of Cus­to­dian of the Two Holy Mosques King Sal­man for the sup­port and care ex­tended to his coun­try's work­ers in the King­dom.

The en­voy hon­ored Z.U. Sayed, a Bangladeshi ex­pa­tri­ate, who was picked as the best re­mit­ter. He re­mit­ted the high­est amount of money to Dhaka through le­gal chan­nels.

Urg­ing ex­pa­tri­ates to make use of the le­gal chan­nels for their re­mit­tances, he ad­vised his coun­try­men to obey the rules and reg­u­la­tions of the host coun­try and help de­velop the King­dom in ac­cor­dance with Vi­sion 2030 and the Na­tional Trans­for­ma­tion Pro­gram (NTP) 2020.

Bangladesh Am­bas­sador Go­lam Moshi ad­dresses a meet­ing in Riyadh over the week­end.

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