Bangladesh has received $1.35 billion in remittances between May 1 and 24 as expatriates have sent home a higher amount of money ahead of the Eid-ul-Fitr.
“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 said.
He said that remittance inflow started to hike since March and the trend would continue in the remaining days ahead of Eid. “We will receive more than $1.5 billion in remittances in May," he said.
According to figures from the Bangladesh Bank (BB), in the 24 days of the current month, $307.07 million in remittance has been received by six state-owned commercial banks.
The remaining $1.02 billion came through private commercial banks. Of them $244.24 million has been received by Islami Bank Bangladesh.
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 central bank data.
Bangladesh received $14.98 billion in remittances in the FY18, which was 17.33% higher than the previous fiscal year.
As of Thursday (May 23), Bangladesh’s forex reserve stood at $31.33 billion.
The inflow of remittance has increased due to various steps taken by the central bank to stop unofficial channels like, 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 Tk 100 million through bKash, according to mobile money transaction company.