The inflow or remittance increased to $1,160.06 million ($1.16 billion) in August of the current financial year 2014-15 against $1,005.77 million in the same month of the FY14 as the expatriate Bangladeshis sent increased amount of greenback to their relatives ahead of Eid-ul-Azha which will be celebrated in the first week of October. According to Bangladesh Bank data released on Wednesday, remittance inflow increased by 15.34 per cent in August compared with that of a decline of 14.66 per cent in the same month of the FY14. The expatriate Bangladeshis sent $1,178.65 million in remittance in August of the FY13.
The country’s inward remittance hit a new monthly record at $1.48 billion in July as expatriate Bangladeshis sent huge amount of greenback to their relatives on the occasion of Eid-ul-Fitr which was celebrated on July 29.
A BB official told New Age on Wednesday that the inflow of remittance would maintain the upward trend in the current month ahead of Eid-ul-Azha.
The BB data showed that the inward remittance had also increased by 18.11 per cent to $2,651.43 million in the first two months of the FY15 from $2,244.73 million in the same period a financial year ago.
Besides, the expatriate Bangladeshis are now feeling encouraged to send more greenback due to an eased
political situation than the FY14, the official said.
He said the expatiate Bangladeshis 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 greenback 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.
The private commercial banks received $750.73 million in inward remittance in August while the state-run commercial banks received $379.62 million, foreign commercial banks $13.83 million, and specialised banks got $15.88 million, the BB data showed.
In August, Islami Bank Bangladesh received the highest amount of remittance — $295.78 million — among the private commercial banks, while Agrani Bank got the highest amount of remittance — $132.71 million — among the state-run banks.
-With New Age input
