• Tuesday, Jun 18, 2019
  • Last Update : 05:33 am

Remittance inflow increases ahead of Eid

  • Published at 09:36 pm May 26th, 2019
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Representational photo of remittance Bigstock

The inflow of remittances amounted to $1350.57 million from May 1 to May 24, according to the Bangladesh Bank latest data

The country received $1.35 billion in remittances in the first 24 days of the current month as Bangladeshi expatriates sent home a higher amount of money ahead of Eid-ul-Fitr.

The inflow of remittances amounted to $1350.57 million from May 1 to May 24, according to the Bangladesh Bank latest data. 

“Now, remittance inflow is increasing due to Eid-ul-Fitr festival. Every year, Bangladeshi expatriates send huge amount of foreign currencies to the country ahead of Eid ul-Fitr,” Bangladesh Bank spokesperson and executive director Serajul Islam told Dhaka Tribune. 

He said that remittance kept increasing since last March and the trend would continue in the remaining days ahead of Eid.

“We will receive more than $1500.00 million in remittances in May," Serajul hoped. 

According to Bangladesh Bank (BB) data, in the 24 days of the current month, $307.07 million in remittance has been received by six state-owned commercial banks. 

$1018.10 million has been received by private commercial banks. Of them $244.24 million has been received by Islami Bank Bangladesh Ltd. 

In the July-April period of the current fiscal year, Bangladeshi expatriates sent $13.30 billion, which was 10% higher than the same period of the previous fiscal year, according to BB data. 

Bangladesh received $14.98 billion in remittances in the fiscal year of 2017-18. That was 17.33% higher than the previous (2016-17) fiscal year. 

Now the foreign exchange reserves (reserve) of Bangladesh Bank in satisfactory condition owing to the increasing tread of remittance. On Thursday, the reserve stood at $31.33 billion. 

The inflow of remittance has increased due to various steps taken by the central bank to stop hundi and high interest of dollar in the local market. 

Remittance inflow is increasing through mobile financial services ahead of Eid-ul-Fitr, the country's largest religious festival. In the first 15 days of Ramadan, expatriates have sent in remittance worth more than Tk10 crore through bKash, according to bKash.