Bangladesh Bank has introduced a new initiative aimed at increasing remittance inflows and controlling the overall cost of sending remittances from abroad. Under this directive, all commercial banks are required to submit detailed daily data on remittance transactions, including fees, exchange rates, taxes, and other related costs, to the central bank by noon of the following day. The central bank has provided two specific reporting templates for this purpose, effective from January 1. The move follows global trends observed by the World Bank, which has reported rising remittance transfer costs in several countries, including Bangladesh. By collecting and analyzing this data, Bangladesh Bank intends to identify ways to reduce these costs and ensure fair exchange rate practices among foreign exchange houses. Currently, domestic banks are prohibited from charging fees for crediting remittance funds to recipients’ accounts, a measure that has already helped lower costs slightly. The new system aims to further enhance transparency and affordability in remittance transfers.