The remittance inflow stood at US$1bn in August, slowing down a little from the previous month of July when it registered five-month high at $1.23bn.
The remittance was $230m lower than July, the month ahead of Eid-ul-Fitr – a season generally when the NRBs send increased amount of money home. The remittance was $1.17b in August last year.
“Expatriate Bangladeshis are becoming reluctant to send home money due to lower prices of dollar,” a senior executive of Bangladesh Bank, however, told Dhaka Tribune on Wednesday. “Sluggish investment due to political unrest also contributed to the slow down.”
The value of dollar remained stable around at Tk77.75 since last several months.
According to Bangladesh Bank, of the total $1bn, the country received $330m through state-owned commercial banks (SCBs), $10.71m through specialised banks, $652.45m through private commercial banks and $15m through foreign commercial banks.
The country received a total of $2.24b as remittance in July and August of the current fiscal year.
According the BB data, the highest ever amount of remittance received in Bangladesh amounts to US$144bn in the last fiscal year, which is 12% more than the previous fiscal year, thanks to the increase in remittance flow through the formal channel.
Bangladesh’s forex reserves hit a record $16bn for the first time thanks to remittance flow and decline in import payments. The reserves reached $16.03bn to be precise, only second to India in South Asia.
Earlier on June reserve crossed $15b for the first time.
