Bangladesh Bank Headquarters

Dhaka, Bangladesh (BBN) – Bangladesh’s foreign exchange market may stable by the end of this month, as the flow of inward remittance is increasing gradually.

The officials of central bank expect that the inflow of remittance may reach nearly $1.40 billion by the end of this month, if the ongoing trend of inward remittance continues.

Bangladesh received $646.51 million as remittance between January 1 and January 12 from its nationals working abroad, according to the central bank’s statistics.

The amount of remittance from Bangladeshi nationals working abroad was $1.17 billion in December 2017, down by $47.57 million than that of the previous month. In November, the amount was $1.21 billion.

“The ongoing depreciating trend of the local currency against the US dollar has encouraged the expatriate Bangladeshis to send their hard-earned money to homeland that is also help keeping the foreign exchange reserve over $32 billion,” a senior official of the Bangladesh Bank (BB) explained.

He also said higher inflow of remittance along with overseas development assistance has contributed to boost the forex reserve.

Bangladesh’s forex reserve rose to $32.32 billion on Wednesday from $32.27 billion of the previous level despite selling the US dollar to the banks.

BBN/SSR/AD