Remittance inflow rise by 17.04pc in nine months

FT ONLINE

Remittance inflow in the first nine months rose by 17.04 per cent to that of the corresponding period of the previous fiscal.

As per Bangladesh Bank (BB) data, expatriate Bangladeshis sent US $10,761.29 million through various channels during the July-March period of FY18.

The country received $9,194.59 million remittance during the same period in the preceding fiscal.

"The flow of remittances into the country rebounded in the current fiscal 2017-18 as BB took some measures to streamline the legal channel for encouraging the Non-Resident Bangladeshis (NRBs) to send money," said BB Deputy Governor Abu Hena Mohammad Razee Hassan.

Earlier, he said, some NRBs used informal channels, including mobile banking, for sending their money home.

In the recent time, the use of informal channel has been reduced due to increasing the monitoring activities of the central bank and law enforces agencies over the illegal channel, he added.

He said mobile financial service providers, including bKash, are also playing a vital role to stop the illegal channel.

The BB deputy governor hoped that the inflow of remittance will be increased in the upcoming months as the Eid-ul-Fitr, the biggest festival of Muslim, is coming.