The Financial Express

Remittance inflow to rebound in FY18: BB

| Updated: October 25, 2017 05:21:37

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Remittance inflow to rebound in FY18: BB

The flow of remittances into Bangladesh is expected to rebound in the current fiscal (2017-18) as the central bank has taken some measures to streamline the legal channel for encouraging NRBs to send home money, reports BSS.

As part of its move to plug informal channel, the Bangladesh Bank (BB) has already put some mobile banking operators under close supervision as it has identified some mobile accounts that have been used for sending home remittances illegally, BB's Deputy Governor Abu Hena Mohammad Razee Hassan has said.

There was a falling trend in the inflow of remittances since fiscal year 2014-15 but the situation witnessed a change at the beginning of fiscal year 2017-18 as expatriates sent home US $1,115.57 million in July, up by $110.06 million from the corresponding month in the previous fiscal 2016-17 (FY17), according to the BB data.

Migrant workers sent $712.03 million in the first 18 days of August in FY18, which was $24.77 million up from the same period of the previous fiscal.

According to BB, the country received a total of $15316.91 million in FY15, $14931.15 million in FY16 and $12,769 million in FY17.

"The recent flow of remittance indicates that it is gradually increasing and this trend is likely to continue throughout FY 18. BB is trying to create awareness among the expatriates to send remittances through proper channels," Hassan added

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