The flow of inward remittances rebounded in November last after showing a downward trend in the previous month because of the celebration of Eid-ul-Azha festival, officials said Tuesday.
The remittances from Bangladeshi nationals working abroad were estimated at $1.17 billion in November 2014, up by $149.82 million from the level of the previous month. In October last, the remittance dropped by nearly 25 per cent to $1.02 billion from $1.34 billion in the previous month.
"The inflow of remittance rebounded during the period under review after registering a falling trend in the previous month," a senior official of the Bangladesh Bank (BB) told the FE.
He also said the rising trend of inward remittance may continue in the upcoming months.
The flow of inward remittances grew by 11.42 per cent to $6.20 billion during the July-November period of the fiscal year 2014-15 against $ 5.56 billion in the corresponding period of the previous fiscal year, the BB data showed.
Talking to the FE, another BB official said the depreciating trend of local currency against the US dollar recently has contributed to raise the inflow of remittances.
The average rate of greenback for TT (Telegraphic Transfer) clean for remitters stood at Tk 77.74 on November 30 from Tk 76.89 on November 16 this year, the BB official added.
He also said the central bank is working continuously to increase the inflow of remittance from across the world.
Currently, 30 exchange houses are operating across the globe and have set up 1062 drawing arrangements abroad to expedite the remittance inflow.
The BB earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through the formal banking channel, instead of the illegal "hundi" system to help boost the country's foreign exchange reserve.
The forex reserve stood at $21.67 billion Tuesday following higher growth of inward remittances from Bangladeshis working abroad, the BB official added.
Four state-run commercial banks and dozens of private commercial banks have stepped up efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.
"Most of banks are now trying to establish new contacts with overseas exchange houses so that the migrant workers can find it easy to send money back home," a senior official of a leading commercial bank said.
siddique.islam@gmail.com
Remittances rise in Nov
FE Report | Published: December 03, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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