Inward remittances fall slightly in April

The flow of inward remittances fell slightly in April from that of the previous month despite improvement in prevailing political situation.
The remittances from Bangladeshi nationals working abroad were estimated at US$1.23 billion in April, less by $ 56.21 million from the level of the previous month. In March last the remittances stood at $1.29 billion. It was $1.19 billion in April, 2013.
"It's a satisfactory level of inward remittance flow," a senior official of the Bangladesh Bank (BB) told the FE Monday.
He also said the ongoing trend in inward remittance may continue in the coming months following gradual improvement in the country's political situation.
Bangladesh received a total of $11.73 billion during the July-April period of the fiscal year (FY) 2013-14, sustaining a negative growth of 4.80 per cent over the corresponding period of the previous fiscal, BB data showed.
"We expect that the inflow of remittance will cross $14 billion by the end of the FY 14," the central banker noted.
He also said the central bank is working continuously to raise the flow of inward remittances from different parts of the world.
Currently, 32 exchange houses operating across the globe have set up 982 drawing arrangements abroad to expedite the remittance inflow, according to the BB official.
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 illegal "hundi" system to help boost the country's foreign exchange reserve.
Country's foreign exchange reserve rose to $20. 47 billion Monday from $20.37 billion in the previous working day, another BB official said.
Currently, some private commercial banks along with the state-owned commercial banks are desperately trying to increase the flow of inward remittances from the Middle East, the United Kingdom, Japan, Canada, Australia, Malaysia, Singapore, Italy and the United States.
"We're establishing new contacts with overseas exchange houses so that our workers abroad can easily send money home," a senior official of a leading private commercial bank told the FE.