Dhaka, Bangladesh
Remittance inflow up by 31.75pc in November

Remittance inflow up by 31.75pc in November

News Report Expatriate Bangladeshis sent home 1,555.22 million US dollars in remittance in November of the current fiscal 2019-20, which is that of 31.75 percent higher than the same month of the preceding year, according to a Bangladesh Bank (BB) data. The country received 1,180.44 million dollars remittances during the month of November in 2018-19 financial year, the data added. According to the BB data, expatriate Bangladeshis sent 7,714.19 million dollars remittances during the first five months of the current fiscal 2019-20. During the month of October, the country received 1,639.62 million dollars while 1,476.91 million dollars in September, 1,444.75 million dollars in August and 1,597.69 million dollars in July of the fiscal 2019-20. But in 2018-19, the country got 1,239.11 million in October, 1,139.66 million in September, 1,411.05 million in August and 1,318.18 million in July. In July-September period, Bangladesh recorded a 16.58 percent rise in remittance inflows from the year before. The country received over 4.5 billion in remittances in the first three months of 2019-20 fiscal year. Usually Bangladesh’s remittance inflows drop after a spurt during Eid-ul-Fitr and Eid-ul-Azha but the trend has been bucked this year. The expatriates sent 1.46 billion in September, with a 29 percent rise from the same month last year, and the fourth highest remittance in a month in the country’s history. The expatriates sent nearly 1.75 billion in May before Eid-ul-Fitr, which was the highest for a month. Economists and bankers believe the government’s announcement to award 2 percent incentives on remittances, increase in manpower export and rise in fuel oil prices in the global market have caused the surge in Bangladesh’s remittance inflow. The 2019-20 financial year started with the remittance inflow in an upbeat mood as the country received 1.6 billion in July, the second highest for a month and 21.2 percent more than the same month last year. In 2018-19, Bangladesh received record 16.42 billion in remittance with a 9.6 percent growth. With the new remittance, Bangladesh Bank’s foreign currency reserves stood at 31.85 billion. It dropped below 32 billion recently after payments were made against import to the Asian Clearing Union.

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