Remittance inflow went up by 20pc in 4 months

Expatriate Bangladeshis sent $6,154.22 million in remittance in the first four months of the current fiscal 2019-20, which is 20.48 percent higher than the amount of corresponding period of the preceding year, according to Bangladesh Bank data.

The country received $5,108 million in remittance during July-October period in 2018-19 fiscal year.

“The flow of remittance into the country shows an upward trend in the fiscal 2019-20 as the government has taken measures, including two percent cash incentive, to streamline the legal channel for encouraging non-resident Bangladeshis to send money to the country,” the central bank’s spokesperson M Serajul Islam told the news agency.

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 their data, the country received $1,597.69 million in July; $1,444.75 million in August; $1,472.16 million in September and $1,639.62 million in October of the fiscal 2019-20.

But in 2018-19, the country got $1,318.18 million in July; $1,411.05 million in August; $1,139.66 million in September and $1,239.11 million 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 specialised 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 $0.10 million, according to Bangladesh Bank.

Besides, expatriates have sent $1,240.41 million through private commercial banks. On the other hand, the expatriates have sent $15.82 million through foreign commercial banks.