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Remittance inflow increases by 9.31% in seven months

  • Published at 10:47 pm February 11th, 2019
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Representational photo of remittance Bigstock

The country received $8.31 billion remittances during July to January in FY2017-18

Expatriate Bangladeshis sent $9.08 billion remittances during the first seven months of the current fiscal 2018-19, which is 9.31% higher than the same period of the preceding year, according to Bangladesh Bank data.

The country received $8.31 billion remittances during July to January in 2017-18 fiscal year, the data added.

“The flow of remittances into the country shows upward trend in the current fiscal 2018-19 as the Bangladesh Bank has taken measures to streamline the legal channel for encouraging non resident Bangladeshis (NRBs) to send money to the country,” central bank’s spokesperson M Serajul Islam told BSS.

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 their data, the country received $1,590.82 million in January, $1,206.91 million in December, $1,180.44 million in November, $1,239.11 million in October, $1,139.66 million in September, $1,411.05 million in August and $1,318.18 million in July of the fiscal 2018-19.

But in 2017-18, the country got $1,379.79 million in January, $1,163.82 million in December, $1,214.75 million in November, $1,162.77 million in October, $856.87 million in September, $1,418.58 million in August and $1,115.57 million in July.

In January this fiscal, six state-owned commercial banks—Agrani, Janata, Rupali, Sonali, Basic and BDBL—received $346.35 million while one state-owned specialized bank- Bangladesh Krishi Bank- received $17.40 million.

Of the state-owned banks, Agrani Bank received $139.62 million, Janata Bank $72.39 million, Rupali Bank $18.92 million, Sonali Bank $115.25 million and Basic Bank received $0.17 million.

Besides, the expatriates have sent $1,215.84 million through private commercial banks. Among the private commercial banks, Islami Bank Bangladesh Limited (IBBL) received the highest amount of $277.01 million where as Dutch-Bangla Bank (DBBL) received $131.24 million.

On the other hand, the expatriates have sent $11.23 million through the foreign commercial banks.