Dhaka, Bangladesh (BBN)– The flow of inward remittances jumped by more than 35 per cent in October last over that of the previous month, according to the official figures.

The remittances from Bangladeshi nationals working abroad were estimated at $1.16 billion in October 2017, up by $303.22 million from the level of the previous month. In August last the remittances stood at $856.87 million, according to the central bank statistics, released on Wednesday.

It was $1.01 billion in October 2016.

“The flow of inward remittances increased significantly in the month of October as the Bangladesh Bank (BB) is pursuing the commercial banks continuously,” a BB senior official told BBN in Dhaka.

He also said the upward trend of the remittances inflow may continue in the coming months if the ongoing initiatives, taken by the government, the central bank and the commercial banks persist.

Earlier on October 17 last, BB Deputy Governor SK Sur Chowdhury advised the banks at a meeting for taking effective measures to increase the flow of inward remittance immediately.

The central bank had taken the moves against the backdrop of sharp fall of inward remittances in the month of September 2017 despite close monitory of the BB.

However, the flow of inward remittances increased by nearly 7.0 cent to $4.55 billion during July-October period of the ongoing fiscal year (FY) 2017-18 from $4.26 billion in the same period of the FY 17.

Currently, 29 exchange houses of 15 commercial banks are now operating across the globe to expedite the inflow of foreign currencies from the wage earners.

Besides, all banks have already set up 1184 drawing arrangements abroad for collection of remittances from different part of the world.

The central bank earlier took a series of measures, including creation of mass awareness so the expatriate Bangladeshis send their hard-earned money home through the banking channel instead of the illegal “hundi” system, which help in boosting the country’s foreign-exchange reserves.

Four state-run commercial banks and dozens of private commercial banks have stepped up their efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.

BBN/SSR/AD