Expatriate Bangladeshis sent US$ 10.41 billion remittances during the first eight months of the current fiscal 2018-19, which is apparently 10.03 percent or $949.06 million higher than the same period of the preceding year, according to a Bangladesh Bank (BB) data.

The country received $9.46million remittances during July to February in the fiscal 2017-18, the data added.

“The flow of remittances into the country shows upward trend in the current fiscal 2018-19 as the BB has taken measures to streamline the legal channel for encouraging Non Resident Bangladeshis (NRBs) to send money to the country,” BSS qouted BB Chief Spokesperson M Serajul Islam as saying.

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 the BB data, the country received $1.32 billion in February, $1.6 million in January, $1.21 billion in December, $1.1 billion in November, $1.24 billion in October, $1.14 billion in September, 1.41 billion in August and $1.32 billion in July of the fiscal 2018-19.

But in 2017-18, the country got $1.15 billion in February, $1.38 billion in January, $1.16 billion in December, $1.21 billion in November, $1.16 billion in October, $856.87 million in September, $1.42 billion in August and $1.11 billion in July.

In February this fiscal, six state-owned commercial banks – Agrani, Janata, Rupali, Sonali, Basic and BDBL – received $280.87 million while one state- owned specialised bank- Bangladesh Krishi Bank- received $15.01 million.

Of the state-owned banks, Agrani Bank received $113.77 million, Janata Bank $70.48 million, Rupali Bank $14.89 million, Sonali Bank $81.67 million and Basic Bank received $0.06 million.

Besides, the expatriates have sent $1.01 billion through private commercial banks. Among the private commercial banks, Islami Bank Bangladesh Limited (IBBL) received the highest amount of $206.78 million where as Dutch-Bangla Bank (DBBL) received $140.90 million.

On the other hand, the expatriates have sent $10.78 million through the foreign commercial banks.

IBBL Deputy Managing Director Abu Reza Mohd Yeahia said the inflow of remittance is increasing day by day as the authorities concerned, including banks, are accelerating their activities to bring back the remittances through the legal channel.

“We are trying to make easier the process of legal channels to expedite the remittance flow. We are signing agreements with different exchange houses to bring the remittances in automated ways,” he added.