Remittance inflow up by over 20 percent

Bangla Tribune Desk
Published : 02:00, Nov 10, 2019 | Updated : 02:00, Nov 10, 2019

This file photo shows a money changer counting US dollar bills at a currency exchange office in central Istanbul, Apr 15, 2015. Reuters/File PhotoExpatriate Bangladeshis sent $6.15 billion remittances in the first four months of the ongoing fiscal (FY20), which is 20.48% higher than the corresponding period of the preceding year, according to Bangladesh Bank data.
Remittance inflow stood at $5.10 billion between July and October in the last fiscal.
"The flow of remittances into the country shows upward trend in the current 2019-20 fiscal year 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," Bangladesh Bank Spokesperson M Serajul Islam told 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 FY20.
However, in FY19, 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 foreign commercial banks.