Record inflow of remittances during Eid

Remittances are being used for various purposes of nation building. Its inflow, as a Bangladesh Bank (BB) release said, was $1.75 billion in the first 10 days of August ahead of during Eid-ul-Azha, which is the highest ever amount in a single month. In July, the country received $1.6 billion, the second highest for a month that showed a 21.2 per cent growth over the same period last year. The receipt of remittances was $16.42 billion in the just-concluded 2018-19 fiscal year, also up from $14.98 billion the previous (2017-18) year. The central bank mentioned that strengthening supervision and monitoring to check illegal 'hundi' transaction had contributed to the increased inflow of remittances.

The BB is optimistic about increasing inward remittances as the government has announced 2.0 per cent incentive for remittance receipts. An amount of Tk 30.60 billion has been earmarked in the budget to encourage expatriate workers to send money through legal channels. Most of the country's banks are trying to increase the inflow of remittances by making arrangements with overseas organisations. Agent banking outlets have also contributed to this momentum. However, the Bangladesh missions abroad are not sincere in helping the remitters who often complained about the services and treatment they used to receive.

If all of millions of our expatriate workers remit their hard-earned money through formal channels, the Bangladesh economy would benefit immensely. The government should take further steps to continue the buoyant remittance inflow.

Md. Zillur Rahaman

Satish Sarker Road

Gandaria, Dhaka.