Remittance inflow has continuously increased to stand at $995.56 million in the first 14 days in July of the current fiscal year 2023-24 over that in the corresponding period of the previous fiscal.
On an average, around $71.11 million came every day in July against $67.62 million every day in February.
However, expatriates sent around $2.20 billion remittances during the last month of June in the fiscal 2022-23 (FY23) which is the highest in the last 35 months.
According to Bangladesh Bank available data, the country has received a total of $ 21.61 billion remittance in FY23, which was 2.75 percent higher than that in the previous fiscal where the country received $21.03 billion.
A senior official of the central bank said that various initiatives have been taken to increase remittances through banking channels.
It is urged not to send remittances through illegal channels or hundi or any other illegal means, he said. Remittances are showing a good position at the beginning of this month, he mentioned.
However, remittance flows witnessed a good start and stood at $1.95 billion in January 2023, the first month of the New Year, up about 16 percent over that in the corresponding period of the previous month that amounted to $1.69 billion. In January 2022, this figure was $1.70 billion.
According to the data of Bangladesh Bank, in the first six months of the current fiscal year 2022-23, expatriates sent about $10.42 billion.
Remittance from expatriates, one of the main sources of foreign exchange reserves, has started to increase again after various measures taken by Bangladesh Bank, including tough steps against illegal hundi money transferring business.
In January 2023, expatriates sent an average of $62.90 million every day.
Economists and bankers said remittances returned to a positive trend in November last year, after declining for two consecutive months, due to various measures taken by the central bank.
As the trend turned more positive in December, relief began to return, they said, suggesting that the Central Bank should take tougher steps to ban hundi to increase remittances through legal channels.
Bangladesh Bank officials hope the amount of remittances will continue to increase in upcoming months.
Bangladesh received record $2.10 billion remittances in July, the first month of the last fiscal year 2022-23, due to Eid-ul-Azha festival when expatriate Bangladeshis usually send home more money than at any other time.
The figure is the highest in 14 months and 12 percent higher than the $1.87 billion remittance the country received in the same month of the previous FY.
