The country’s remittance inflow registered a 14-month low in October due to post-Eid hangover, said officials of Bangladesh Bank. According to BB data released on Monday, remittance inflow in the month was $1.01 billion. The previous lowest figure was $1.005 billion in August of the FY14.
The remittance inflow decreased by 17.87 per cent in October this year compared with that of a decrease of 15.34 per cent in the same month of FY14.
The expatriate Bangladeshis sent $1.01 billion in October of FY15 against $1.23 billion in the same month of FY14. The inflow of remittance was $1.45 billion in October of the FY13.
The country’s inward remittance, however, increased by 11.54 per cent to $5.02 billion in the first four months of the FY15 from $4.50 billion in the corresponding period of the FY14.
A BB official told New Age on Monday that the remittance inflow usually increased before any Eid as expatriates sent more money to their near and dear ones for celebrating the religious festival. On the other hand, ‘The remittance inflow in the month just after any Eid usually goes down,’ he said.
The country celebrated Eid-ul-Azha on October 6, 2014.
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.
The BB official, however, hoped that the inflow of remittance would again enter into the positive territory as the expatriate Bangladeshis were now feeling encouraged to send more foreign exchange due to an eased political situation than the FY14.
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 remittance in that period due to a sluggish business situation amid the political unrest.
He, however, said the country’s political uncertainty was still
persisting, so it might hamper the flow of inward remittance in the months
to come.
According to the BB data, the private commercial banks received $664.25 million in inward remittance in October while the state-run commercial banks received $322.30 million, foreign commercial banks $10.13 million, and specialised banks got $14.03 million.
In October, Islami Bank Bangladesh received the highest amount of remittance — $266.65 million — among the private commercial banks, while Agrani Bank got the highest amount of remittance
-With New Age input
