Remittance inflow falls 17pc in July-March

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Remittance inflow falls 17pc in July-March
« on: April 05, 2017, 10:53:39 AM »
The overall remittance inflow has dropped by nearly 17 per cent or US$ 1.86 billion in the first nine months of this fiscal year (FY), 2016-17, against the same period of the previous fiscal.

The remittance receipts came down to $9.19 billion during the July-March period of the FY, from $11.06 billion in the corresponding period of the last fiscal, according to the central bank's latest statistics.

The remittance inflow was estimated at $1.08 billion in March 2017, up by $136.69 million from that of the previous month. In February 2017, the amount stood at $940.75 million. It was $1.28 billion in March 2016.

Talking to the FE, a senior official of the Bangladesh Bank (BB) said the inward remittance flow has dropped significantly in the recent months.

It happened due to a sluggish trend in economic activities in the Middle-East countries along with a rising trend of sending hard-earned money by expatriate Bangladeshis using informal channels, he noted.

The central bank as well as the government is now working to increase the flow of inward remittance, he added.

Currently, 29 exchange houses are operating across the globe, and 1,125 drawing arrangements have been set up abroad to expedite the remittance inflow, according to the central banker.

BB earlier took a series of measures to encourage the expatriate Bangladeshis to send their money through formal banking channel, instead of illegal "hundi" system to help boost the country's foreign exchange reserve.
Sourece: Financial Express
Sunjida Khan
Department of Business Administration
Faculty of Business & Economics