Dhaka, Bangladesh (BBN) – The flow of inward remittances increased by17.71 per cent in August last, as expatriates sent increased amount of money to their families ahead of the Eid-ul-Azha festival.
The remittances from Bangladeshi nationals working abroad were estimated at $1.18 billion in August 2016, up by $178.10 million from the level of the previous month, according to the central bank’s latest statistics.
In July 2016, the remittances stood at over $1.0 billion. It was $1.19 billion in August 2015, the official data showed.
“The flow of inward remittances increased in August ahead of the Eid,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the inflow of inward remittances is showing a declining trend in the recent months in different countries, including Bangladesh, mainly due to the ongoing economic recession in different parts of the world.
“The development activities particularly in the Middle-East countries are gradually squeezing because of lower prices of fuel oils in the global market,” the central banker explained.
However, the flow of inward remittances decreased by 15.30 per cent to $2.19 billion during July-August period of this fiscal year (FY) 2016-17, from $2.58 billion in the same period of the last fiscal.
Currently, 33 exchange houses are operating across the globe, setting up 1,144 drawing arrangements abroad, to expedite the remittance inflow, according to another BB official.
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 banking channel instead of illegal “hundi” system, which helped in boosting the country’s foreign-exchange reserves.
Besides, BB is always pursuing the commercial banks to increase the flow of remittances from different parts of the world, the central banker added.