Remittance inflow rises by 11.9pc in July-Oct

Writ seeks probe body formation over hajj flight mismanagement
Writ seeks probe body formation over hajj flight mismanagement

Remittance inflow in the first four months of the current fiscal year rose by 11.9 per cent year-on-year, topping $5 billion, because of rise in value of the dollar against the taka.
Expatriate Bangladeshis sent home $5.1 billion in July-October in the current FY2018-2019 against $4.55 billion during the same period of last FY2017-2018, according to Bangladesh Bank data released on Thursday.
BB officials said that expatriate Bangladeshis were encouraged to send home money as they were getting good return because of rising value of the dollar against the taka.
Besides, the economic situation of Middle Eastern countries, from where Bangladesh receives majority of remittance, has improved in recent months because of rising prices of fuel oils.
They said that the central bank move to curb illegal hundi also encouraged people send money through formal banking channel boosting the remittance.
The inter-bank exchange rate of dollar against the taka is now hovering around 83.85 against 80.80 in October last fiscal year.
In October, remittance inflow rose by 6.56 per cent to $1.24 billion compared with $1.16 billion received during the same month of last FY.
BB officials said that the annual remittance inflow would cross $15 billion again this FY if the current trend of inflow continued in rest of the eight months of the year.
The remittance inflow hit record $15.23 billion in FY2014-15 but gradually slid down to $12.76 billion in FY2016-17 before rising to $14.98 billion in the last FY2017-2017.