Bangladesh sees a rise in remittances this Ramadan

Xpress Money, one of the world’s leading money transfer brands, has seen a 15 percent rise in remittances to Bangladesh, ahead of Eid-uL-Fitr. There is an increasing trend of Bangladeshi expats starting to save and send back a little extra money from June onwards, to celebrate the Eid in festive mood.Remittances to Bangladesh for the month of June 2014 were US $ 1286.37 mn, higher by 21.55 % as compared to June 2013 (US $ 1058.24 mn) . Shamim Iftakhar, Country Manager – Bangladesh, Xpress Money said, “Traditionally, remittance inflows increase during the Holy Month, which concludes with the festivities of Eid-ul-Fitr. On an average, semi-skilled workers remit about 70- 80% of their earnings each month, however, during Ramadan they try and save 10% more to send back to their families to celebrate the festival with grandeur.” Workers manage to save the extra money by making fewer calls home and by cutting down on their meal expenses by attending Iftars organised by mosques and corporate entities,according to a statement.