Remittance flow drops slightly last month

FE Report | Published: May 06, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

The flow of inward remittances fell slightly in April from that of the previous month despite improving trend of the country’s political situation.
The remittances from Bangladeshi nationals working abroad were estimated at US$1.29 billion in April 2015, $ 44.58 million less from the level of the previous month. In March last, the remittances stood at $1.34 billion. It was $1.23 billion in April, 2014.
“The flow of inward remittances is still at satisfactory level but it dropped slightly in the last week of April,” a senior official of the Bangladesh Bank (BB) told the FE Tuesday.
He also said the existing trend of inward remittance may continue in the coming months following gradual improvement of the country’s political situation.
Bangladesh received $12.55 billion remittance during the July-April period of the current fiscal year (FY) 2014-15, registering a 7.05 per cent growth over the corresponding period of the last fiscal, the BB data showed.
The central banker also said the BB is working continuously to expedite the flow of inward remittance from different parts of the world.
Currently, 35 exchange houses operating across the globe have set up 1,076 drawing arrangements abroad to expedite the remittance inflow, according to the BB official.
The central bank 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.
Most of the private commercial banks along with the state-owned 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.
Talking to the FE, a senior official of a leading private commercial bank said most of the banks are establishing new contacts with overseas exchange houses so that the migrant workers can easily send home money.
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