The New Nation - Internet Edition

Staff Reporter

Speakers at a consultation yesterday demanded a transparent and accountable remittance system. And urged the money transfer agencies to lower the fees and establish fair exchange rates.

They called upon the government to frame a consumer protection law for remittance transfer that would ensure that remitter is adequately informed about the fees, the exchange rate and transfer time.

They urged the money transfer companies to initiate and support projects that directly benefit migrants and members of their families.

Their observation came at a consultation on " Remittances and Corporate Social Responsibility of Money Transfer Institutions" at Dhaka Reporters Unity (DRU) on Tuesday organised by WARBE Development Foundation and the Refugee and Migratory Movements Research Unit (RMMU).

With Dr CR Abrar in the chair and Debayani Kar presented a keynote paper. It was also attended among others by Dr Quazi Koliquazzaman Ahmed, President, Bangladesh Economic Association, Anisur Rahmand Khan, secretary genera of WARBE Development Foundation, Mohammad Abdul Mannan of Islami Bank, Farida Akhter of UBINIG, Nazrul Islam of Agrani Bank and AKM Mosharraf Hossain of Bangladesh Krishi Bank.

Dr Quazi Koliquazzaman Ahmed said that private companies and banks that benefit from the 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 their for property for mitigating their monetary demand.

Migrants send more than US $ 300 billion annually of which US $ 260 from to the developing countries.