• Thursday, Dec 12, 2019
  • Last Update : 08:40 am

Remittance inflow surges ahead of Eid-ul-Azha

  • Published at 10:00 pm August 5th, 2019
File photo of a man counting US dollars Syed Zakir Hossain/Dhaka Tribune

The remittances inflow was at $1.32 billion in July last fiscal year

Remittance inflow increased by 21.20% to $1.59 billion in July this fiscal year compared to the same month of last fiscal year, according to the Bangladesh Bank latest data.

The remittances inflow was at $1.32 billion in July last fiscal year. 

The remittance inflow witnessed the surge as Bangladeshi expatriates sent home a higher amount of money ahead of Eid-ul-Azha. Remittance inflow was $1.37 billion in June this year. 

“Remittance inflow increases during every Eid-ul-Azha as the expatriates send an increased amount for buying sacrificial animals,” Bangladesh Bank spokesperson and executive director Serajul Islam told Dhaka Tribune. 

Bangladesh received $1.76 billion in May last fiscal year, the highest ever in a single month. 

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

Central bankers have said as the exchange rate has increased significantly in recent times, the expats felt encouraged to remit enhanced amounts to their dear and near ones.

Besides, the move to give fiscal incentive for remittance, announced in the current budget, also acted as a booster, as the government is mulling to provide as high as 3% incentive on remittance.

“We are expecting that the remittance inflow will be go up in the coming months as policymakers are serious about attracting more remittance,” said a banker.