Dhaka, Bangladesh (BBN) – The flow of inward remittance jumped by 27.16 per cent in August, as expatriates sent home an increased amount of money for celebration of the Eid-ul-Azha festival.
“The inflow of remittance increased significantly in the month of August mainly due to celebration of the Eid festival,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the floods also helped boosting the inflow of remittance in the month of August.
The flow of inward remittance may fall slightly this month, according to the central banker.
The remittance from the Bangladeshi nationals working abroad was estimated at $1.42 billion in August 2017, up by $303.01 million from the level of the previous month.
In July the remittance stood at $1.11 billion, according to the central bank statistics. It was $1.18 billion in August 2016.
The inflow of remittances increased by 15.76 per cent to $2.53 billion during July-August period of this fiscal year (FY), 2017-18, from $2.19 billion in the same period of FY 17, the BB data showed.
Currently, 29 exchange houses are operating across the globe, setting up 1,172 drawing arrangements abroad, to expedite the remittance inflow, according to the BB official.
“We’re still working on revamping the inward remittance flow in the current fiscal year,” another BB official said.
The central bank earlier took a series of measures, including creation of mass awareness, so that the expatriate Bangladeshis send their hard-earned money home through the banking channel instead of the illegal “hundi” system.