Dhaka, Bangladesh (BBN) – The flow of inward remittances fell by 8.15 per cent in July last after celebration of Eid-ul-Fitr festival, officials said.
The remittances from Bangladeshi nationals working abroad were estimated at US$1.11 billion in July 2017, the first month of the ongoing fiscal year (FY) 2017-18, down by $99.04 million from the level of the previous month.
In June 2017, the remittances stood at $1.21 billion. It was around $1.0 billion in July 15, according to the central bank’s latest statistics.
Talking to BBN, a senior official of the Bangladesh Bank (BB), the central bank, said the flow of inward remittances decreased slightly in July after celebration of Eid-ul-Fitr.
“We expect that the flow of inward remittances will increase this month ahead of Eid-ul-Azha festival,” the central banker noted.
The BB officials said the falling trend in inward remittance in the recent months, following the slower development activities in the Middle-Eastern countries due to lower price of fuel oil in the international market.
They also added a rising trend in sending hard-earned money by expatriate Bangladeshis through informal channels has also pushed down the flow of inward remittances.
“We’re now working to revamp the remittance inflows,” another BB official said, adding that the central bank as well as the government has already taken different measures in this connection.
As part of the measures, the central bank has asked the commercial banks to open ‘help desk’ at each branch concerned for ensuring better remittance services.
The banks have also been instructed to take measures for improving the quality of remittance services so that the Non-Resident Bangladeshis (NRBs) send their hard-earned money home through formal channel.
Currently, 29 exchange houses are operating across the globe, setting up 1,180 drawing arrangements abroad, to expedite the remittance inflow.
The BB earlier had taken a series of measures to encourage the expatriate Bangladeshis to send their money through formal banking channels, instead of illegal ‘hundi’ system, to help boost the country’s foreign-exchange reserves.