Dhaka, Bangladesh (BBN)- The flow of inward remittances crossed US$3.50 billion in the first quarter (Q1) of the current fiscal year, marking 19.47 percent growth over the corresponding period of the last fiscal, officials said.
Bangladesh received $3.552 billion during the July-September period of 2012-13 against $ 2.973 billion in the corresponding period of the previous fiscal year, according to the central bank statistics.
The remittance inflow in the Q1 saw continuation of the trend in the previous fiscal year when the country received a record $12.843 billion. The growth in the FY `12 was 10.26 per cent over the previous fiscal. It was 6.03 per cent in the FY `11.
Bangladeshi nationals working abroad sent $1.172 billion in the month of September, less by $6.75 million than the amount remitted in the previous month. In August last, the remittance was worth $1.179 billion, the BB data showed.
“The flow of remittance decreased slightly in the month of September because of the Eid-ul-Fitr celebrated in August,” a senior official of the Bangladesh Bank (BB) said, adding that the flow of inward remittances would rise in the current month ahead of the Eid-ul-Azha to be celebrated in the month.
The central bank already 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 and thus help boost the country’s foreign exchange reserve.
The country’s foreign exchange reserve stood at $11.34 billion on Tuesday due mainly to the robust growth in inflow of remittances from Bangladeshis working abroad, according to the BB officials.
Most private commercial banks along with the state-owned ones are trying desperately to increase the flow of inward remittances from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.
“We’re trying to increase the inflow of remittances from different parts of the world by establishing new contacts with overseas companies,” a senior official at a leading private commercial bank said.
He also said most of the banks were still serious about increasing the inflow of remittances through official channels to meet their internal foreign exchange demand.
BBN/SSR/AD-03Oct12-7:30 am (BST)