Finance Minster M Saifur Rahman will formally inaugurate the branch in Milan. The minister leaves Dhaka for Milan today. Janata Bank Managing Director Murshid Kuli Khan has already left Dhaka.

"We are opening the second branch of the exchange company following demand from expatriate Bangladeshis," Janata Bank Deputy Managing Director Dewan Mujibur Rahman said yesterday.

The Janata Exchange's first branch opened in Rome in June 2002 has helped in increasing the flow of remittances, Rahman added.

According to available statistics, Tk 32 crore was remitted through Janata Exchange during July-December in 2002. The amount was Tk 118 crore last year, according to bank officials, who hope further increases in the remittance flow.

The exchange house charged 9 to 80 euro to send different amount of money.

JB allocated five lakh euro as Janata Exchange capital.

Using Electronic Fund Transfer (EFT) system, the Janata Exchange remits money within 24 hours. However, clients residing out of Dhaka can get the remitted amount within three days.

A total of ten employees work in Janata Exchange Company out of which three went from the bank's head office. Among rest of the officials, six are expatriate Bangladeshis and other is an Italian.

According to bank officials, now some 60,000 Bangladeshis live in Italy.