Remittance inflow rose by 16.56 per cent in seven months of the current fiscal year 2017-2018 compared with that in the same period of last year as non-resident Bangladeshis increased sending money through the formal channel in recent months because of rise in the value of the dollar against the taka.
The total inflow of remittance in July-February stood at $9.46 billion in FY18 against $8.12 billion the country received during the same period of last fiscal year, according to Bangladesh Bank data released on Thursday.
In February, remittance inflow increased by 22.13 per cent to $1,149 million against $940.75 million during the same month of last year.
With the February rise, the remittance inflow remained in positive zone for the fifth month amid the rise in the value of the greenbacks against the taka, said BB officials.
BB officials said the exchange rate gap between the illegal channel and the legal channel had declined in recent months due to the devaluation of the taka against the dollar that had encouraged the expatriates to send money through the legal channel.
Before October 2017, remittance inflow remained subdued for several months due mainly to transfer of fund by the expatriates through the illegal channel including the digital channel.
Bank officials also said that the central bank’s move to prevent remittance inflow through the illegal channels including mobile financial services was among other reasons for the rise in remittance inflow in recent months.
The data also showed that expatriate Bangladeshis used more private banking channels for sending $840.59 million remittance in February.
Six state-owned commercial banks — Agrani, Janata, Rupali, Sonali, BASIC and BDBL— received $284.85 million while one state-owned specialised bank, Bangladesh Krishi Bank, received $10.96 million.
Of the state-owned banks, Agrani Bank received $115.51 million, Janata Bank $67.91 million, Rupali Bank $13.47 million, Sonali Bank $87.83 million and BASIC Bank $0.13 million.
Besides, the expatriates have sent $12.60 million through foreign commercial banks. Among the private commercial banks, Islami Bank Bangladesh received the highest amount of $229.95 million as Dutch-Bangla Bank received $59.56 million.
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