Dhaka, Bangladesh (BBN)– The inflow of remittance jumped by more than 17 per cent in the just-concluded fiscal year following higher fuel oil prices in the global market.

The flow of inward remittances rose to $14.98 billion in the FY 2017-18 from $12.77 billion a year ago, according to the Bangladesh Bank (BB)’s provisional data.

Talking to the BBN, a senior official of the central bank said the rising trend in fuel oil prices in the international market has contributed to raise the inflow of remittance, particularly from the Middle-East countries.

The average crude oil price stood at $68.8 per barrel in April 2018. It was $63.5 per barrel in February, according to the World Bank’s latest Commodity Markets Outlook, released on May 02.

He also said the depreciating mode of the local currency against the US dollar has also helped to increase the flow of inward remittance in the recent months.

“Besides, the strengthened surveillance of the BB to check ‘hundi’, the illegal channel used to move funds cross-border, has also contributed to raise the remittance inflow,” the central banker explained.

Currently, 29 exchange houses are operating across the globe with 1,205 drawing arrangements set up abroad to boost the remittance inflow, according to the BB official.

The central bank of Bangladesh earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel to help boost the country’s foreign exchange reserve.

BBN/SSR/AD