Remittance inflow stays solid in March

Remittances' upbeat start to 2018 continued into March, which saw inflows soar 20.70 percent year-on-year to $1.3 billion on the back of the depreciation of the taka against the US dollar.

The local currency has been depreciating against the American greenback for the last few months, prompting Bangladeshis living abroad to remit more money through the formal channel.

On March 28, the interbank exchange rate was Tk 82.96, which was Tk 79.66 a year earlier.

Remittance inflow increased about 13 percent in March from the previous month, according to Bangladesh Bank statistics.

March's inflows take the current fiscal year's receipts so far to $10.76 billion, up 17.37 percent year-on-year.

A strong pick-up in global economic activities, especially in the Middle Eastern nations, also helped the country to maintain the upward trend, said a BB official.

The central bank has recently strengthened its surveillance to check hundi, the illegal outlet that many turn to for moving funds cross-border, bank officials said.