Dhaka to open bank for Bangladeshi expats

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.

Source: Arab News