The country’s inward remittance increased by 21.85 per cent to $3.98 billion in the first quarter of this financial year from $3.27 billion in the corresponding period of the FY 2013-14 as expatriate Bangladeshis sent huge amount of foreign exchange to their relatives on the occasion of Eid-ul-Fitr and Eid-ul-Azha. According to the BB data released on Thursday, the inward remittance also increased by 28.62 per cent to $1.31 billion in September, 2014 from $1.02 billion in the same month of 2013 as the expatriates sent good amount of foreign exchange ahead of Eid-ul-Azha which will be celebrated on October 6.
In July, the inward remittance hit a new monthly record at $1.48 billion as the expatriates sent foreign currency on the occasion of Eid-ul-Fitr which was celebrated on July 29.
After a disappointing year, the inflow of inward remittance continued to maintain an increasing trend in the first three months of the FY15 that has already put a positive impact on the country’s current account balance, a BB official told New Age on Thursday.
The remittance inflow registered a negative growth in the FY14 for the first time in the last 14 years against the backdrop of decreased manpower exports along with political unrest during the period, he said.
The remittance inflow decreased by 1.61 per cent to $14.22 billion in the FY14 against $14.46 billion in the FY13, the BB data showed.
The expatriate Bangladeshis are now feeling encouraged to send more foreign exchange due to an eased political situation than the FY14, the official said.
He said the expatiates felt discouraged to send the remittance in the country during the unstable political situation between July and January of the FY14 as they were worried about security of their hard-earned money due to a vulnerable position in the country’s law and orders.
The non-resident Bangladeshis also felt discouraged to send the remittance in that period due to a sluggish business situation amid the political unrest.
The upward trend in the inward remittance may continue in the coming months if the country’s political situation improves gradually, the BB official said.
He said the central bank was working continuously to increase the flow of inward remittance from different parts of the world.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel instead of illegal ‘hundi’ system to help boost the country’s foreign exchange reserve.
Due to an increasing trend in the inward remittance, the country’s foreign exchange reserve stood at $21.83 billion on August 30, which is good enough to clear import bills for seven months.
The private commercial banks received $845.52 million in inward remittance in September while the state-run commercial banks received $442.51 million, foreign commercial banks $14.27 million, and specialised banks got $17.04 million, the BB data showed.
In September, Islami Bank Bangladesh received the highest amount of remittance — $331.31 million — among the private commercial banks, while Agrani Bank got the highest amount of remittance — $157.68 million — among the state-run banks.
-With New Age input
