Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad..The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels.
Bangladesh Bank yesterday allowed licensed payment service providers (PSPs) to bring inward wage remittances with the aim to increase remittance inflow.
There is still scope to increase remittance inflow through the official channel
Remittance inflows hit a seven-month high in March as expatriate Bangladeshis sent more money home for Ramadan and Eid-ul-Fitr.
However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion