The country's remittance inflows witnesses a rapid growth around the 2nd largest religious festival of Muslims, Eid-ul-Adha.
Data from banking channels show that expatriates have sent remittances almost double ahead of Eid comparing to some the previous months.
According to the data of the Central Bank, expatriates sent an average of 12 crore 17 lakh dollars per day in this June. That means they have sent about 5 core US Dollar more per day this month than that of last May.
Sources from banks told that expatriates usually send extra money to their families before the major religious festivals like Eid-ul-Fitr and Eid-ul-Adha.
Bangladesh Bank sources said that usually the remittance flow increases before Eid and it happened this time as well. Besides, several initiatives taken by Bangladesh Bank are playing a role in increasing the flow of remittances.
Data shows that for the past two years, expatriates have been sending 5 to 6 crore dollars daily. In the month of September last year, they sent remittances of 4 crore 48 lakh dollars daily. In October, November and December, expatriates sent an average of just over $6 crore a day.
Next Monday is the Holy Eid-ul-Azha is scheduled to be celebrated tomorrow (Monday) while it is expected to receive more expatriate income by today and tomorrow.
According to the data of Bangladesh Bank, expatriate income of $225 crore came in last May, which is the highest in the last 46 months. The total expatriate income from June 1 to 12 has reached $146 crore. In the same period of June last year which amount was only 84 crore dollars.
As such, expatriate income has increased by 62 crore dollars or about 74 percent in one year. However, in the first 7 days of this month, remittances to the country reached 72 crore 62 lakh dollars.
It is expected that the expatriate income will exceed 250 crore dollars by the end of this month.
Meanwhile, along with the increase in remittances, the country's foreign exchange reserves have also increased. According to the latest data of the central bank, the country's foreign exchange reserves have increased slightly.
In the middle of last May, the foreign exchange reserve fell to 18 billion, but in the beginning of June, it rose to 19 billion.
The latest reserve amount is 19.20 billion dollars or 1 thousand 920 crore 97 lakh 10 thousand US dollars.
