Remittance inflow rises by 13pc in Jul-Aug
Usually, remittance reduces after Eid, however, that did not happen this time
Remittance inflow in the first two months of the current fiscal year rose by 12.87 percent on a year-on-year basis.
The total inflow of remittance in July-August stood at US$308.05 crore in FY19-20 against US$272.92 crore received by the country during the same period in the previous fiscal year, according to the data released by Bangladesh Bank (BB) on Monday.
In August this year, remittance inflow increased by 5.08 percent, or to US$148.28 crores against US$141.10 crores during the same month last year.
Usually, remittance reduces after Eid, however, that did not happen this time.
Officials of the central bank told The Business Standard that non-resident Bangladeshis were encouraged to send home their money through banking channels as they were receiving good returns because of the devaluation of the Taka against the Dollar.
Expatriates were happy to hear the announcement of a two percent remittance incentive. However, it has not yet been decided how the incentive will be disbursed.
The drive by the central bank to curb illegal hundi has also encouraged people to send money through formal banking channels, which has contributed to boosting remittance, added BB officials.
In order to boost remittance, BB has already integrated a mobile banking channel with banks to send remittance through the banking network.
bKash, the most popular mobile banking platform, has joined hands with different global money exchange companies to bring remittance through the alternate payment channel.
The inter-bank exchange rate of the taka against dollar is now hovering around Tk84.50 against Tk83.75 in August in the last fiscal year.
