September 11 Digital Archive

Remittance Rate Skyrockets in Bangladeshi Community

Title

Remittance Rate Skyrockets in Bangladeshi Community

Source

born-digital

Media Type

article

Original Name

Bangladeshis are sending home more remittances at a rate of $2 to $3 million a month.

Created by Author

yes

Described by Author

no

Date Entered

2001-12-02

VTMBH Article: Edition

2

VTMBH Article: Article Order

1

VTMBH Article: Title

Remittance Rate Skyrockets in Bangladeshi Community

VTMBH Article: Author

Moinuddin Naser

VTMBH Article: Publication

Probashi

VTMBH Article: Original Language

Bangla

VTMBH Article: Translator

VTMBH Article: Section

news

VTMBH Article: Blurb

Bangladeshis are sending home more remittances at a rate of $2 to $3 million a month.

VTMBH Article: Keywords

VTMBH Article: Body

There has been a mad dash to remit money home to Bangladesh since Sept. 11 especially now that the holidays draw near. With the Eid festival just around the corner after the holy fast of Ramzan, Bangladeshis are sending remittances at unprecedented levels.

According to Kazi Asaduzzaman, chief executive of Sonali Exchange, the average monthly remittance rate from the United States to Bangladesh has shot up to $10 million in the past three months. Prior to the terrorist attacks, this rate hovered between $7 million and $8 million.

Syed Abul Layees, owner of Sonargaon Money Transfer in Astoria, contended that his business has never been better. He said that he is getting three times the business he did prior to Sept. 11 and thats despite all of the restrictions that have been placed on remittances in recent weeks. Anyone wanting to send more than $1,500, for instance, must now submit a copy of their photo identification. It also takes a great deal longer to process remittances, thanks to tougher regulations.

According to Layees, New York Bangladeshis used to be able to send money to Dhaka in about four days. Now it takes nearly 10 days for remittances to reach the capital and as long as two weeks to reach smaller cities and towns.
This has spurred many Bangladeshis to send money back with friends and relatives who happen to be traveling home. Other alternatives include the official institution -- Sonali Exchange -- as well as private institutions like Sonargaon Money Transfer, Dollar Express, and Western Union.

VTMBH Article: Line Breaks

1

VTMBH Article: Date

2001-12-02

VTMBH Article: Thumb

VTMBH Article: Article File

VTMBH Article: Hit Count

47

Citation

“Remittance Rate Skyrockets in Bangladeshi Community,” September 11 Digital Archive, accessed November 7, 2024, https://911digitalarchive.org/items/show/1326.