BBN file photo
Dhaka, Bangladesh (BBN) - The flow of inward remittances grew by nearly 14 per cent in the first quarter (Q1) of the current fiscal year (FY) 2018-19 against the same period of the last fiscal year, officials said.
The inflow of remittance rose to US$3.86 billion during the July-September period of the FY 19 from $3.39 billion in the same period of the previous fiscal, according to the central bank latest statistics, released Monday.
The remittances from Bangladeshi nationals working abroad were estimated at $1.13 billion in September 2018, down by $283.69 million from the level of the previous month. In August last, the remittances stood at $1.14 billion. It was $856.87 million in September 2017.
“The inflow of remittance normally falls after the Eid-ul-Azha,” a senior official of the Bangladesh Bank (BB) told the BBN while explaining the falling trend of remittance.
He also expected that the inflow of remittance might increase from this month.
Currently, 29 exchange houses are operating across the globe, setting up 1,213 drawing arrangements abroad, to expedite the remittance inflow, according to the central banker.
The central bank 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.
Besides, the central bank is asking the banks to increase the flow of remittance from different parts of the world to meet their internal demand for the foreign currency, another BB official said.
“We’re trying continuously to increase the flow of inward remittances by establishing drawing arrangements with overseas companies,” a senior official of a leading private commercial bank (PCB) told the BBN in Dhaka.
BBN/SS/AD