Remittance inflow rises 17pc in FY18 amid dollar appreciation

Staff Correspondent | Published: 22:19, Jul 02,2018

 
 

Remittance inflow rebounded strongly, posting 17.39 per cent rise in the just concluded fiscal year of 2017-2018 amid appreciation of the dollar against the taka that prompted expatriates to send higher amount of remittance to the country through the legal channel.
As per the central bank data, remittance inflow in the outgoing fiscal year increased to $14.98 billion from $12.76 billion in the previous fiscal year.
The overall remittance earnings included $1.38 billion in June this year while the figure was $1.21 billion in June last year.
The amount of remittance earnings of the country was the second highest in FY18 while the country’s remittance earnings posted an all-time high at $15.31 billion in the fiscal year of 2014-2015. Bangladesh received $14.93 billion remittance in the year of 2015-2016.
Central bank officials said that appreciation of the dollar against the taka worked as an important factor for the growth in remittance.
As per the central bank web site data, the exchange rate of dollar, which was Tk 78.7 in January last year, increased to Tk 80.6 in June last year, Tk 82.9 in January this year and Tk 83.75 on Monday.
Besides the dollar appreciation in Bangladesh, oil price increase in the global market boosted economies of the Middle East countries and earnings of the expatriates accordingly, BB officials said.
Expatriates’ income hike helped them to send higher amount of money to the country, they said.
As the dollar rate was on the rise for last one year, expatriates’ money transfer through the legal channel was also on the rise, they said.
Besides, the central bank’s moves to increase remittance inflow through the legal channel by taking measures for the prevention of digital hundi worked as another factor behind the inflow of remittance, the central bank officials said.

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