The remittance inflow registered $1.23bn in July, the highest in the last five months, as non-resident Bangladeshis sent home increased amount of money through formal channel ahead of Eid-ul-Fitr.
Remittance exceeded the figure from July last year, which reached $1.20bn. The remittance received in the previous month of June was $1.05bn.
However, the figure failed to surpass the highest ever figure of $1.45bn in October 2012 which came ahead of Eid-ul-Azha.
Receipts in remittance were steady at $1.16bn in February, followed by $1.22bn in March, $1.19bn in April and 1.08bn in May after reaching a high of $1.32bn in January.
"Central bank usually receives more remittance ahead of Eid, thanks to expatriates sending it through formal banking channels," said Bangladesh Bank General Manager AFM Asaduzzaman, the central bank spokesperson.
In terms of annual receipts, Bangladesh received $144bn in the last fiscal year of 2012-13, which was 12% more than the previous year, benefitting from the increase in remittance through formal channels. Bangladesh received $128bn and $116bn in remittance in the fiscal years of 2011-12 and 2010-11 respectively.
According to Bangladesh Bank data, the inflow crossed the $10bn mark in 2009, buoyed by a record outflow of migrants during 2007 and 2008 in the wake of a construction boom in the Gulf states.
After 2008, the outflow of new migrants slowed down due to a fall in demand. But it rose again last year, enabling Bangladesh to emerge as the eighth largest remittance earning country, according to a World Bank survey released last month.
The growth in remittances, the second biggest foreign currency earning sector after the export sector, has given a much needed cushion to the government to face the rising pressure on the country's balance of payments.