Remittance slides by 16% in March

Inward remittance fell by 16% in month of March this year compared to the same period last year due to low oil prices on the global market and transfer of money from abroad through an illegal way to transfer funds named ‘hundi’. The central bank statistics revealed inward remittance was Tk 8,619 cr in the month of March this year ,while it was Tk 10,280 cr in the same period last year. The remittance inflow has been declined by Tk 1,664 cr or 16% in March compared to same period last year, according to foreign exchange policy of Bangladesh Bank . Remittance has been on the slide every month since beginning of the last year . This trend was mainly due to incomes in the Gulf countries are affected by low oil prices and political instabilities and civil war . Banks and financial institutions have already submitted a proposal to provide  incentive to local expatriate who are working aboard for send their hard earning money .Bangladesh gets bulk of its remittance from the Gulf countries .