Remittance inflow in March stood at $1.3 billion, registering a 20 percent rise against the period last year.

According to Bangladesh Bank statistics, in the first nine months (July-March) of the current 2017-18 fiscal, expatriates sent about $10.76 billion, 17 percent higher than the same period during the last fiscal.

Bangladesh’s forex reserves stood at $32.4 billion on Monday.

Analysts attributed the remittance growth the stronger dollar against the taka and the central bank’s steps to encourage expatriates to remit funds through legal channels.

Remittance inflow had dropped but bounced back in October standing at nearly $1.16 billion, up by over $303 million than the previous month.

“Remittance inflow is expected to reach $15 billion by June, which means by the end of this fiscal year,” Bangladesh Bank Executive Director Saidur Rahman told Bangla Tribune on Monday.

According him, the stronger dollar has left a positive impact on remittance inflow.

“Banks are now stepping up efforts to increase remittance as the demand for the US dollar has gone up. Besides that, the manpower export has also increased,” added the central bank official.

Remittance inflow in February amounted to nearly $1.15 billion, some $151 million less than March.

According to official figures, expatriate Bangladeshis sent $12.76 billion in the last 2016-17 fiscal against $14.92 billion the previous year.

A stronger dollar against the taka has played a role behind the hike, says economist Ahsan H Mansur.

“Expatriates are sending more remittance as the US dollar now fetches more in local currency while banks are eager to meet their own demand as imports have gone up,” said Mansur, executive director of private think-tank Policy Research Institute.