Bangladesh Bank data released on Sunday showed remittance inflow rose to $10.40 billion in the first eight months of the fiscal year 2018-2019 against $9.46 billion in July-February of FY18. Remittance inflow started to pick up pace in recent months due mainly to transfer of fund by the expatriates through the legal banking channel amid rising value of the dollar. Of the state-owned banks, Agrani Bank received $113.77 million, Janata Bank $70.48 million, Rupali Bank $14.89 million, Sonali Bank $81.67 million and Basic Bank received $0.06 million. Bank officials also said that the central bank’s move to prevent remittance inflow through the illegal channels, including mobile financial services, was among other reasons for the rise in remittance inflow in recent months. In FY18, they sent $14.98 billion, the second highest, considering the country’s highest remittance receipt of $15.31 billion in the fiscal year 2014-2015.

Source: Dhaka Tribune March 04, 2019 16:41 UTC