Dhaka, Bangladesh (BBN)- The inflow of remittances fell slightly in March this year from that of the previous month following stable exchange of the US dollar against the local currency, officials said.
Bangladeshi nationals working abroad sent US$1.107 billion in March, less by $25.52 million than the amount remitted in the previous month. In February 2012, the remittance was $1.133 billion, according to the central bank statistics released on Monday.
“The total amount of remittances decreased slightly in the month of March from that of the previous month due mainly to fewer working days as well as stable exchange rate of the US dollar against the local currency,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBNin Dhaka.
"We expect that the inflow of remittance will increase in the month of April because of Boro crop cultivation across the country as well as more working days in April,” he noted.
Total working days were 20 in March last while the overseas workers will get 22 working days for remitting their hard-earned currency, the central bankers added.
The commercial banks are now offering exchange rates for overseas exchange houses ranging between BDT 81.75 and BDT 81.90 against BDT 82.40 one month back, to receive remittance, market operators said.
The country received $9.53 billion during the July-March period of current fiscal year (2011-12), registering an 11.67 per cent growth over the corresponding period of the last fiscal.
The central bank of Bangladesh earlier took a series of measures to encourage the expatriate Bangladeshis to send their money through the formal banking channel, instead of the illegal "hundi" system to boost the country's foreign exchange reserves.
Four state-run commercial banks and dozens of private commercial banks have stepped up efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.
"We're still serious about increasing the inflow of remittances through official channels to meet our internal foreign exchange demand," a senior official of a leading private commercial bank said.
Country's foreign exchange reserve stood at $9.58 billion on Monday, due mainly to the higher inflow of remittances.
BBN/SSR/AD-02April12-9:40 pm (BST)
