Remittance drops in November

FE Report | Published: December 03, 2018 09:36:01 | Updated: December 06, 2018 10:18:33


Reuters file photo used for representation

The flow of inward remittance fell slightly in November over that of the previous month despite the depreciating mode of taka against dollar in recent months.

The money sent home by Bangladeshis working abroad amounted to $1.18 billion in November 2018, down by $61 million from the October level, according to central bank officials.

Remittances stood at $1.24 billion last October. It was $1.21 billion in November 2017.

On the other hand, remittance inflows rose by 9.67 per cent to $6.29 billion during the July-November period of fiscal year (FY) 2018-19.

It was $5.73 billion in the same period of the previous fiscal.

"We expect that the inflow of remittance may pick up this month ahead of the general election," a senior official of the Bangladesh Bank (BB) told the FE.

The BB earlier took a series of measures to encourage Bangladeshi expatriates to send their hard-earned money through formal banking channel instead of illegal "hundi" system to help boost the country's foreign exchange reserve.

siddique.islam@gmail.com

 

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