Bundles of hundred dollar notes
Dhaka, Bangladesh (BBN)- The flow of inward remittance increased slightly in April despite slower economic activities in the Middle East continue mainly due to lower oil prices in the global market.
The remittance inflow was estimated at $1.09 billion in April 2017, up by $15.12 million from that of the previous month. In March 2017, the amount stood at $1.08 billion. It was $1.19 billion in April 2016.
Talking to BBN, a senior official of the Bangladesh Bank (BB) said the flow of inward remittance increased slightly in the month of April over that of the previous month.
“We expect that the ongoing upward trend of inward remittance may continue in the coming months ahead of the Holy Ramadan.” The central banker explained.
He also said the central bank as well as the government is now working to increase the flow of inward remittance.
However, the overall remittance inflow has dropped by 16.03 per cent or US$ 1.96 billion in the first 10 months of this fiscal year (FY), 2016-17, against the same period of the last fiscal.
The remittance receipts came down to $10.29 billion during the July-April period of the FY, from $12.25 billion in the same period of the last fiscal, according to the BB’s latest statistics.
The inward remittance flow has dropped significantly in the recent months due to a sluggish trend in economic activities in the Middle-East countries along with a rising trend of sending hard-earned money by expatriate Bangladeshis using informal channels, another BB official said.
Currently, 29 exchange houses are operating across the globe, and 1,135 drawing arrangements have been set up abroad to expedite the remittance inflow, according to the BB official.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their money through formal banking channel, instead of illegal “hundi” system to help boost the country’s foreign exchange reserve.
BBN/SSR/AD
