Remittance inflow up by 7.6pc in August | 2018-09-06 |

Remittance inflow up by 7.6pc in August

Staff Correspondent     6 September, 2018 12:00 AM printer

Expatriate Bangladeshis sent US$ 1.41 billion in August 2018, up by $ 92.87 million from the previous month's level, mainly to meet the additional expenses of the Eid festival.

The flow of remittances grew by 7.57 per cent in August as expatriates sent increased amount of money on the occasion of Eid-ul-Azha observed in last month. Officials, however, attributed the reasons to the government’s initiatives to bring back the remittance through official channels.

Expatriate Bangladeshis sent home $1.32 billion remittance in July last.

According to Bangladesh Bank statistics, maximum amount of remittance came through private commercial banks as their exchange houses remitted about $1027 million in August. The state-run banks fetched $ 357.2 million during the period. The foreign commercial banks, however, injected a mere amount of $10 million remittance into the country.

Privately-run Islami Bank Bangladesh has continued its leading role in remittance bringing $ 290 million into the country. State-run Agrani Bank secured the second position remitting $150 million in August while Sonali Bank brought $105.5 million during the period.

The country experienced the maximum remittance worth about $ 15.31 billion in fiscal year 2014-15. They sent $ 14.98 billion in last fiscal year (2017-18).

Former BB Governor Salehuddin Ahmed said the remittance inflow has been increased due to continuous initiatives taken by the central bank to check hundi operation. “Expatriates are now using the banking channel to send money to their families in Bangladesh. The bankers have to run some supportive programme for NRBs to keep pace in the flow,” Prof Saleh Uddin told the Daily Sun.

Agrani Bank Chairman Zaid Bakht also appreciated the initiatives taken by Bangladesh Bank which he said inspire expatriates to send money through legal channels.

“Bangladesh Bank has taken a number of measures to check the use of illegal channels including digital hundi, which also worked as a catalyst behind the increase of inward remittance flow,” Zaid Bakht told the daily sun.

BB introduced awards in 2014 to recognise the remitters for their contribution to the economy and encourage expatriates to send more money through formal banking channels.