Dhaka, Bangladesh (BBN)– The flow of inward remittances crossed US$15 billion-mark in the just concluded fiscal year following the central bank’s various moves to increase its flow, officials said on Thursday.
Remittances sent by Bangladeshis working abroad reached $15.31 billion, a record in the country’s history, in the fiscal year (FY) 2014-15, marking a 7.6 per cent growth over the previous fiscal, according to the central bank latest statistics.
The remittances from Bangladeshi nationals working abroad were estimated at $1.43 billion in June 2015, up by $109.98 million from the level of the previous month. In May last, the remittances stood at $1.32 billion. It was $1.29 billion in June 2014.
“The higher inflow of remittance is the outcome of our continuous effort of the last couple of years,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the central bank along with the commercial bankers have worked hard round the year aiming to increase the flow of inward remittance from across the world.
The central banker also said stable exchange rate of the Bangladesh Taka (BDT) against the US dollar has also helped achieve the steady growth of inward remittance.
Talking to BBN, another BB senior official said the central bank is working continuously to increase the flow of inward remittance from different parts of the world.
“We’re allowing local banks to establish exchange houses and drawing arrangements abroad in this connection,” the BB official explained.
Currently, 34 exchange houses operating across the globe have set up 1,078 drawing arrangements abroad to expedite the remittance inflow, the BB official added.
In FY 14, the inflow of remittance decreased by 1.61 per cent to $14.23 billion from $14.46 billion a year ago due to political turmoil and static trend in manpower export.
The BB 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.