Remittance inflow witnesses rapid growth in 10 years | 2018-09-17 |

Remittance inflow witnesses rapid growth in 10 years

Sun Online Desk     17th September, 2018 06:04:08 printer

Remittance inflow witnesses rapid growth in 10 years

The remittance flow into the country has  increased 3.56 times in the last 10 years, which can be viewed as a milestone on the way of upgrading Bangladesh a developed one.


According to data of the Bangladesh Bank (BB), Bangladeshi expatriates sent US$ 1,31,859.04 million from fiscal 2008-09 to 2017-18, which was US$ 94,822.86 million higher than that of previous 10 years.


Non-Resident Bangladeshis (NRBs) sent around US$ 37,036.18 million during fiscal 1998-99 to fiscal 2007-08.


“Due to different steps taken by the government and the central bank, the inflow of remittance in the last couple of years showed an upward trend,” BB Deputy Governor Abu Hena Mohammad Razee Hassan told BSS.


Moreover, he said, the number of Bangladeshi expatriates has been gradually increasing as the government has taken various steps to send skilled workers abroad.


He said the process of sending money into the country has become easier than before as the central bank and the government have provided all sorts of policy supports to the banks and exchange houses for giving smooth services to the remittance senders.


“Now Bangladeshi expatriates are getting mobile financial services to send remittance to home,” he added.


In the couple of months of fiscal 2016-17, he said, the inflow of remittance was falling due to various reasons, including the decline of currency rate against dollar, low oil price and the use of informal channels by the NRBs in sending money.


He said BB took all necessary steps to divert the inflow of remittance through legal channels and now NRBs feel more comfortable to send their earnings through legal channels.


As part of its move to plug informal channels, Razee Hassan said, the central bank has already put some mobile banking operators under its surveillance as it has identified some mobile accounts being used for sending remittance illegally.


According to the official data, migrant workers sent US$ 2,729.23 million remittance in the first two months of the current fiscal 2018-19 while US$ 14,981.69 million in fiscal 2017-18, US$ 12,769.45 million in fiscal 2016-17,

US$ 14,931.18 million in 2015-16, US$ 15,316.91 million in 2014-15, US$ 14,228.26 million in 2013-14, US$14,461.14 million in 2012-13, US$ 12,843.43 million in 2011-12, US$ 11,650.32 million in 2010-11, US$ 10,987.40 million in 2009-10 and US$ 9,689.26 million in fiscal 2008-09.


The NRBs sent US$ 7,914.78 million in fiscal 2007-08 while US$ 5,998.47 million in 2006-07, US$ 4,802.41 million in 2005-06, US$ 3,848.29 million in 2004-05, US$ 3,371.97 million in 2003-04, US$ 3,061.97 million in 2002-03, US$ 2,501.13 million in 2001-02, US$ 1,882.10 million in 2000-01, US$ 1,949.32 million in 1999-2000 and US$ 1,705.74 million in 1998-99.