Dhaka, Bangladesh (BBN)– Bangladesh received more than US$1.17 billion in the first 23 days of August, according to the central bank’s latest statistics.

The inflow of remittance may almost stable by the end of August after celebrating of the Eid, according to the senior bankers.

The flow of inward remittance normally falls after Eid festivals.

The remittance inflow was estimated at $1.60 billion in July last, up by $229.46 million from that of the previous month. In June 2019, the amount stood at $1.37 billion. It was $1.32 billion in June 2018.

The inflow of remittances grew by 9.65 per cent to a record US$16.42 billion in the just-concluded fiscal year (FY) as the exchange rate of local currency weakened against the US dollar.

The figure jumped from $14.98 billion in FY 2017-18, according to the central bank’s latest statistics.

Bankers have expected that the upward trend of remittance would continue in the coming days ahead of the Eid.
Besides, the government announcement of 2.0 per cent incentive for remittance receipts will help keeping rising trend of inward remittance continue, they added.

The government has already allocated BDT 30.60 billion in the budget for this fiscal to encourage expatriate workers to send their money through legal channels.

Currently, 29 Bangladeshi exchange houses are operating across the world along with more than 1,200 drawing arrangements abroad to boost the remittance inflow, according to BB officials.

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.

Most of the banks are now trying to increase the flow of inward remittances from different parts of the world through establishing drawing arrangements with overseas companies, according to insiders in the banking sector.

The central bank of Bangladesh earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel, instead of the illegal “hundi” system, which can help boost the country’s foreign exchange reserves.