'We are trying to make easier the process of legal channels to expedite the remittance flow. We are signing agreements with different exchange houses to bring the remittances in automated ways'
Expatriate Bangladeshis sent US $9,461.15 million remittance in the first eight months of the current fiscal 2017-18, which is 16.56% higher than the amount received in the corresponding period of the preceding fiscal.
According to Bangladesh Bank (BB), the country received $8,117.07 million remittance during July-February period of 2016-17 financial year.
“The flow of remittances into the country rebounded in the current fiscal as BB took some measures to streamline the legal channel for encouraging the Non-Resident Bangladeshis (NRBs) to send home money,” BB Deputy Governor Abu Hena Mohammad Razee Hassan told BSS on Monday.
He said the recent flow of remittance indicates that it is gradually increasing and this trend is likely to continue in the upcoming months.
According to the BB data, the country received $1,149 million in February, $1,379.79 million in January, $1,163.82 million in December, $1,214.75 million in November, $1162.77 million in October, $856.87 million in September, $1,418.58 million in August and $1,115.57 million in July in 2017-18 fiscal.
But in 2016-17, the country received $940.75 million in February, 1,009.47 million in January, $958.73 million in December, $951.37 million in November, $1,010.99 million in October, $1,056.64 million in September, $1,183.61 million in August and $1,005.51 million in July.
In February this year, six state-owned commercial banks – Agrani, Janata, Rupali, Sonali, Basic and BDBL – received $284.85 million while one state-owned specialized bank, Bangladesh Krishi Bank, received $10.96 million.
Of the state-owned banks, Agrani Bank received $115.51 million, Janata Bank $67.91 million, Rupali Bank $13.47 million, Sonali Bank $87.83 million and Basic Bank $0.13 million.
Besides, the expatriates sent $840.59 million through private commercial banks and $12.60 million through foreign commercial banks in February this year.
Among the private commercial banks, Islami Bank Bangladesh Limited (IBBL), received the highest amount of $229.95 million followed by Dutch-Bangla Bank (DBBL) which received $59.56 million.
Mutual Trust Bank Limited (MTBL) Managing Director Anis A Khan said the inflow of remittance is increasing day by day as the authorities concerned, including banks, are accelerating their activities to bring back the remittances through the legal channel.
“We are trying to make easier the process of legal channels to expedite the remittance flow. We are signing agreements with different exchange houses to bring the remittances in automated ways,” he added.
Recently, Malaysia-based Valyou, in partnership with MTBL, has introduced wallet-to-wallet remittance from Malaysia to Bangladesh, which enables migrant workers in Malaysia to transfer money directly to any bKash account in Bangladesh using the app.