• Tuesday, Nov 19, 2019
  • Last Update : 01:19 am

Remittance inflow increases by 20% in first 4 months of FY2019-20

  • Published at 12:24 am November 9th, 2019
FDI-Dollars
File photo of a man counting US dollars Syed Zakir Hossain/Dhaka Tribune

According to its data, the country received $1.59 billion in July, $1.44 billion in August, $1.47 billion in September and $1.63 billion in October of the FY2019-20

Expatriate Bangladeshis sent $6.15 billion remittances in the first four months of the current FY2019-20, which is 20.48% higher than the corresponding period of the preceding year, according to Bangladesh Bank data.

The country received $5.10 billion remittances during July-October period in FY2018-19.

"The flow of remittances into the country shows upward trend in the current FY2019-20 as the government has taken effective measures, including two percent cash incentive, to streamline the legal channel for encouraging non-resident Bangladeshis (NRBs) to send money to the country," said Bangladesh Bank Spokesperson M Serajul Islam, reports 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 its data, the country received $1.59 billion in July, $1.44 billion in August, $1.47 billion in September and $1.63 billion in October of the FY2019-20.

However in FY2018-19, the country got $1.31 billion in July, $1.41 billion in August, $1.13 billion in September and $1.23 billion in October.

In July this fiscal, six state-owned commercial banks: Agrani, Janata, Rupali, Sonali, Basic and BDBL-received $353.15 million while one state-owned specialized bank- Bangladesh Krishi Bank, received $30.24 million.

Of the state-owned banks, Agrani Bank received $147.12 million, Janata Bank $75.94 million, Rupali Bank $20.76 million, Sonali Bank $109.23 million and Basic Bank received $0.10 million.

Besides, the expatriates have sent $1.24 billion through private commercial banks. On the other hand, the expatriates have sent $15.82 million through the foreign commercial banks.