The Financial Express
Swasti Lankabangla Swasti Lankabangla

Remittance inflow soars 17pc to $14.98b in last fiscal year

Rising fuel oil prices, deflating Taka main factors

| Updated: July 04, 2018 18:06:12

Courtesy: ASA Bangladesh Courtesy: ASA Bangladesh

The inflow of remittance jumped by more than 17 per cent or US$ 2.21 billion in the just-concluded fiscal year (FY), 2017-18, following higher fuel oil prices in the global market, officials said.

The flow of inward remittance rose to $14.98 billion in FY 2017-18 from $12.77 billion a year ago, according to the Bangladesh Bank's (BB) provisional data.

"The upward trend in fuel oil prices in the international market has contributed to raise the inflow of remittance, particularly from the Middle-East countries," a BB senior official told the FE.

He also said the depreciating mode of the local currency against the US dollar has also helped to increase the flow of inward remittance in the recent months.

"Besides, the strengthened surveillance of BB to check 'hundi', the illegal cross-border channel used to move funds, has also contributed to raise the remittance inflow," Syed Mahbubur Rahman, chairman of the Association of Bankers, Bangladesh (ABB), told the FE earlier.

Currently, 29 exchange houses are operating across the globe with 1,205 drawing arrangements set up abroad to boost the remittance inflow, according to the BB official.

The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel to help boost the country's foreign exchange reserve.


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