Dhaka, Bangladesh (BBN)– The flow of inward remittances fell slightly in July, the first month of the current fiscal year (FY) 2015-16 after celebration of Eid-ul-Fitr festival, officials said.
Bangladeshi nationals working abroad sent US$1.39 billion in July last. The amount was lower by $52.29 million than the remittance earning in the previous month. In June 2015, the remittance was $1.44 billion, according to the central bank latest statistics.
“The flow of inward remittance decreased slightly in July last after celebration of Eid-ul-Fitr,” a senior executive director of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the flow of inward remittances is expected to pick up this month ahead of Eid-ul-Azha festival. “We’re working continuously to increase the flow of inward remittance.”
Currently, 34 exchange houses operating across the globe have set up 1,089 drawing arrangements abroad to expedite the remittance inflow, according to the executive director.
The central bank 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.
Bangladesh’s foreign exchange reserve rose to $25.53 billion on Monday from $25.47 billion of the previous working following steady growth of the inward remittances.
Four state-run commercial banks and dozens of private commercial banks have stepped up their efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.