The flow of inward remittances rose by more than 10 per cent in the first nine months of the current fiscal year as the exchange of local currency maintained a depreciating mode against the US dollar.
Bangladeshi nationals working abroad sent $11.87 billion home during the July-March period of the FY 2018-19. It was $10.76 billion in the same period of the previous fiscal, according to the central bank's latest statistics.
The remittance inflow was estimated at $1.46 billion in March last, up by $140 million from that of the previous month. In February 2019, the amount stood at $1.32 billion.
It was $1.30 billion in March 2018.
"The inflow of remittance may rise further in the coming months ahead of the Holy Ramadan," a senior official of the Bangladesh Bank (BB) told the FE on Monday.
He also said the flow of overall inward remittance continues to maintain an upward trend due to the depreciation of local currency against the US currency.
The Bangladesh Taka (BDT) depreciated by 35 poisha against the greenback in the inter-bank forex market from January 03 to March 14, mainly due to higher demand for the US current.
The US dollar was quoted at Tk 84.25 each in the forex market on March 14 last against BDT 83.90 on January 02.
It also remained unchanged at Tk 84.15 on Monday.
Echoing the BB's official, a senior executive of a leading private commercial bank (PCB) said such a depreciation of the BDT against the US currency has pushed up the inflow of inward remittances in recent months.
Currently, 29 Bangladeshi exchange houses are operating across the world along with more than 1,200 drawing arrangements abroad to boost the remittance inflow, according to another BB official.
"Our close monitoring for curbing illegal fund transfers has also contributed to raise the overall inflow of remittances," the central banker noted.
The central bank of Bangladesh had 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, which can help boost the country's foreign exchange reserves.
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