Dhaka, Bangladesh (BBN)– The flow of inward remittances grew by 8.54 per cent in March last over the previous month following bringing back political stability in Bangladesh, officials said on Wednesday.
 

The remittances from Bangladeshi nationals working abroad were estimated at US$1.27 billion in March 2014, up by $100.16 million from the level of the previous month. In February last the remittances stood at $1.17 billion, according to the central bank statistics.
 

“The upward trend of inward remittance may continue in the coming months as the country’s political situation is improving gradually,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
 

He also said the central bank is working continuously to increase the flow of inward remittance from different parts of the world.
 

Bangladesh received a total of $10.48 billion during the July-March period of the fiscal year (FY) 2013-14, sustaining a negative growth of 5.77 per cent over the corresponding period of the previous fiscal, the BB data showed.
 

The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel, instead of the illegal "hundi" system to help boost the country's foreign exchange reserve.
 

On the other hand, most private commercial banks along with the state-owned ones are trying 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.
 

The private banker 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-02Apr14-4:41 pm (BST)