Dhaka, Bangladesh (BBN) - The flow of overall inward remittance jumped by 11.38 per cent in May over that of the previous month ahead of the Eid-ul-Fitr festival, officials said.
The remittance inflow was estimated at $1.48 billion in May 2018, up by $151.52 million from that of the previous month. In April, the amount stood at $1.33 billion. It was $1.27 billion in May 2017.
Talking to the BBN, a senior official of the Bangladesh Bank (BB) said the flow of inward remittance increased significantly in the month of May ahead of the Eid festival.
The upward trend of inward remittance flow may continue until the end of this month, he added.
The Non-Resident Bangladeshis (NRBs) normally send hefty amounts of remittance to their near and dear ones in the country ahead of the Eid-ul-Fitr, the BB official explained.
However, the inflow of overall remittance grew by around 17.50 or $2.02 billion to $13.57 billion during the July-May period of the current fiscal year (FY), 2017-18.
The amount was $11.55 billion in the same period of the previous fiscal, the BB data showed.
Currently, 29 exchange houses are operating across the globe with 1,202 drawing arrangements set up abroad to boost the remittance inflow.
The central banker also said the upward trend in fuel oil prices in the global market has contributed to raise the inflow of remittance, particularly from the Middle-East countries.
All the private commercial banks (PCBs) received nearly $1.10 billion as remittance in May 2018.
Besides, the state-owned commercial banks (SoCBs) received $359.60 million, the foreign commercial banks (FCBs) received $13.41 million, and the specialised banks received $12.27 million last month.
BBN/SSR/AD