Remittance inflow increases by 16.59pc in first 3 months

DHAKA Expatriate Bangladeshis sent US$ 4510.86 million remittances during the first three months of the current fiscal 2019 20 which is apparently 16.59 per cent higher than the same period of the preceding year according to a Bangladesh Bank (BB) data.

The country received $3868.89 million remittances during July to September in 2018 19 financial year the data added.

According to the BB data the country received $1468.42 million in September $1444.75 million in August and $1597.69 million in July of the fiscal 2019 20.

But in 2018 19 the country got $1139.66 million in September $1411.05 million in August and $1318.18 million in July.

In September this fiscal six state owned commercial banks Agrani Janata Rupali Sonali Basic and BDBL received $339.94 million while one state owned specialised bank Bangladesh Krishi Bank received $26.50 million.

Of the state owned banks Agrani Bank received $146.19 million Janata Bank $80.40 million Rupali Bank $19.76 million Sonali Bank $93.51 million and Basic Bank received $0.08 million.

Besides the expatriates have sent $1092.89 million through private commercial banks. Among the private commercial banks Islami Bank Bangladesh Limited (IBBL) received the highest amount of $306.07 million where as Dutch Bangla Bank (DBBL) received $132.71 million.

On the other hand the expatriates have sent $9.09 million through the foreign commercial banks.

For removing the burden of increased expenses in sending remittances and encouraging bringing in remittance through legal channels the government has already started giving 2 percent cash incentive on money remitted by expatriate Bangladeshis

In the national budget for the fiscal 2019 20 the government announced 2 percent cash incentive on remittance. But the implementation of the initiative took time due to developing a system said Finance Minister AHM Mustafa Kamal on Wednesday after a meeting at Cabinet Division in the city.

He hoped that the inflow of remittance will be increased by $18 billion to $20 billion in this fiscal.

Source: Bangladesh Sangbad Sangstha (BSS)