The inflow of remittance increased by 19.47 per cent in the first quarter of this financial year compared with that of the same period of the previous financial year.
According to data released by Bangladesh Bank on Tuesday, the expatriate Bangladeshis sent $3,551.70 million in remittances in July-September of FY 2012-13 against $2,972.81 million during the same period of FY 2011-12.
BB officials told New Age on Tuesday that the expatriate Bangladeshis had remitted foreign currencies more in the period as Eid-ul-Fitr was celebrated in August and Eid-ul-Azha would be celebrated later this month.
A BB official said the remittance inflow increased on the occasions of the two festivals.
Besides, a rise in the value of the US dollar due to the BB’s intervention recently helped to increase the inflow of remittance, he said.
He said the central bank had purchased significant amount of greenback from the commercial banks to curb high value of local currency taka against dollar.
He hoped that the upward trend of the remittance inflow would continue in October as Eid-ul-Azha would be celebrated later this month.
BB data also showed the remittance inflow in September increased by 36.99 per cent compared with that of the same month of the FY 12.
The expatriate Bangladeshis sent $1,171.90 million in remittance in September against $855.44 million during the same month of the FY 12.
BB data, however, showed that the remittance inflow in September was slightly lower than August, the second month of this financial year, when the figure was $1,178.65 million.
Due to the upward trend of the remittance inflow, the country’s forex reserve maintained a satisfactory position in the period.
The foreign exchange reserve rose to $11.43 billion at the end of September from $10.36 billion in June.
The private commercial banks received $822.42 million in inward remittance in September while the state-owned commercial banks received $322.97 million, foreign commercial banks $14.37 million, and specialised banks $12.14 million.
Islami Bank received the highest remittance of $317.90 million among the PCBs while Sonali Bank received the highest remittance of $114.48 million among the SCBs.
Courtesy of New Age