Bangladesh receives nearly $12b remittance in 9 months

Publish: 8:25 PM, April 12, 2019 | Update: 8:25:PM, April 12, 2019

DHAKA  – Expatriate Bangladeshis sent nearly US $12 billion remittance in the first nine months of the current fiscal 2018-19, which is the highest in the last three years.

During the July-March period in the fiscal 2018-19, expatriate Bangladeshis sent $11.87 billion which is 10.30 per cent higher than the amount received in the corresponding period of the preceding fiscal.

According to Bangladesh Bank (BB), the country received $10.76 billion remittance during July-March period of 2017-18 financial year while $9.19 billion in the corresponding periods in fiscal 2016-17, $11.06 billion in the fiscal 2015-16 and $11.26 billion in the fiscal 2014-15.

“The inflow of remittances shows upward trend in the current fiscal 2018-19 as the BB has taken measures to streamline the legal channels for encouraging Non Resident Bangladeshis (NRBs) to send money to the country,” said BB Chief Spokesperson M Serajul Islam.

He said the recent flow of remittance indicates that it is gradually increasing and this trend is likely to continue in the upcoming months.

According to the BB data, the country received $1.46 billion in March, $1.32 billion in February, $1.60 billion in January, $1.21 billion in December, $1.18 billion in November, $1.24 billion in October, $1.14 billion in September, $1.41 billion in August and $1.32 billion in July of the fiscal 2018-19.

Earlier in 2017-18, the country got $1.29 billion in March, $1.15 billion in February, $1.38 billion in January, $1.16 billion in December, $1.21 billion in November, $1.16 billion in October, $.86 billion in September, $1.42 billion in August and $1.12 billion in July.

In March 2019, six state-owned commercial banks – Agrani, Janata, Rupali, Sonali, Basic and BDBL – received $0.33 billion while one state-owned specialised bank- Bangladesh Krishi Bank- received $0.018 billion.

Of the state-owned banks, Agrani Bank received $0.13 billion, Janata Bank $0.075 billion, Rupali Bank $0.019 billion, Sonali Bank $0.10 billion and Basic Bank received $0.00008 billion. Besides, the expatriates have sent $1.10 billion through private commercial banks.

Among the private commercial banks, Islami Bank Bangladesh Limited (IBBL) received the highest amount of $0.28 billion where as Dutch- Bangla Bank (DBBL) received $0.12 billion.

IBBL Deputy Managing Director Abu Reza Mohd Yeahia said the inflow of remittance is increasing day by day as the authorities concerned, including banks, are accelerating their activities to bring in the remittances through the legal channel.

“We are trying to make easier the process of legal channels to expedite the remittance flow. We are signing agreements with different exchange houses to bring the remittances in automated ways,” he added.