Remittance inflow continue to rise with Bangladeshi expatriates sending $1.02 billion in the first 27 days of the 2012-2013 fiscal.
Latest Bangladesh Bank data suggest remittances for the month of July will reach $1.17 billion if the inflow maintains its pace.
Officials of the central bank, however, expect July remittances may cross $1.2-billion mark as the expatriates are expected to send in more money with the Eid-ul-Fitr only weeks away.
In the last month of the 2011-2012 fiscal, the expatriates had remitted $1.07 billion.
With the increase in remittance inflow, the central bank's foreign exchange reserve is also going up. It stood at $10.45 billion on Monday.
The reserves had slipped below $10 billion in the first week of the new fiscal year after import dues were paid to the Asian Clearing Union.
Central bank Governor Atiur Rahman is satisfied with the increase in remittance inflow.
"The central bank took various steps to encourage remittances through banking channel, and now Bangladeshi expatriates can send money to their families through cell phone as well," Atiur told bdnews24.com.
"The remittances are increasing, thanks to the steps. The reserves are also increasing," he said.
A Bangladesh Bank official preferring not to be named said the month of July was seeing increased remittance inflow as expatriates were sending money for Eid shopping.
He hoped the remittance inflow in July would cross $1.2 billion.
Of the money remitted, $230 million came through government-owned banks, over $710 million through 30 private banks, about $6 million through nine foreign banks and over $10 million through specialised banks.
In the last financial year, expatriates had remitted $12.85 billion, which was 10.26 percent higher than in the previous year. In 2010-11, the remittances grew at the rate of 6 percent.
Latest Bangladesh Bank data suggest remittances for the month of July will reach $1.17 billion if the inflow maintains its pace.
Officials of the central bank, however, expect July remittances may cross $1.2-billion mark as the expatriates are expected to send in more money with the Eid-ul-Fitr only weeks away.
In the last month of the 2011-2012 fiscal, the expatriates had remitted $1.07 billion.
With the increase in remittance inflow, the central bank's foreign exchange reserve is also going up. It stood at $10.45 billion on Monday.
The reserves had slipped below $10 billion in the first week of the new fiscal year after import dues were paid to the Asian Clearing Union.
Central bank Governor Atiur Rahman is satisfied with the increase in remittance inflow.
"The central bank took various steps to encourage remittances through banking channel, and now Bangladeshi expatriates can send money to their families through cell phone as well," Atiur told bdnews24.com.
"The remittances are increasing, thanks to the steps. The reserves are also increasing," he said.
A Bangladesh Bank official preferring not to be named said the month of July was seeing increased remittance inflow as expatriates were sending money for Eid shopping.
He hoped the remittance inflow in July would cross $1.2 billion.
Of the money remitted, $230 million came through government-owned banks, over $710 million through 30 private banks, about $6 million through nine foreign banks and over $10 million through specialised banks.
In the last financial year, expatriates had remitted $12.85 billion, which was 10.26 percent higher than in the previous year. In 2010-11, the remittances grew at the rate of 6 percent.
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