Economic Reporter :
The continued appreciation of US dollar against Bangladeshi Taka (BDT) is playing an important role in increasing the inflow of remittances into Bangladesh, observed experts.
The inflow of remittance over the first five months of the current fiscal year witnessed an upward trend as the expatriate Bangladeshis sent US$5,768.54 million during the period from July to November (2017-2018 fiscal year).
This is a 10.76 percent rise over the amount sent during the same period in the previous fiscal year. Bangladesh received $5,208.12 million remittances during July to November of 2016-17 financial year, according to Bangladesh Bank (BB) data.
The inter-bank exchange rate of the US dollar stood at Taka 82.50 on December 7, up from Taka 79.10 on January 1 this year and Taka 78.70 on December 7, 2016.
“Appreciation of US dollar against BDT is one of the reasons for increasing the inflow of remittance. Recently, the expatriate Bangladeshis have sent more remittances than before,” BB Deputy Governor Abu Hena Mohammad Razee Hassan told.
He said the central bank has also taken some measures to streamline the legal channel for encouraging the Non-Resident Bangladeshis (NRBs) to send money home.
It is another reason to rebound the flow of remittances into the country in the current fiscal 2017-18, he added.
Arastoo Khan, Chairman of Islami Bank Bangladesh Limited (IBBL) said that the US dollar continues to gain strength against BDT and it is encouraging for the expatriate Bangladeshis to remit more of their income as they get higher value of their income than before.
Managing Director of Mutual Trust Bank Limited (MTBL) Anis A Khan said the US dollar is appreciating in recent times as the demand for the greenback has shot up due to a rise in the import of capital machineries and essential commodities, including food grains.
“Settlement of Letter of Credit (LC) of different import items by banks has increased recently. So, the demand for US dollar is also increasing,” he added.
He said due to appreciation of US dollar, NRBs feel encouraged to send more money to their near and dear ones.
According to the BB data, the country received $1,214.75 million in November, $1162.77 million in October, $856.87 million in September, $1,418.58 million in August and $1,115.57 million in July, 2017.
But in 2016-17, the country received $951.37 million in November, $1,010.99 million in October, $1,056.64 million in September, $1,183.61 million in August and $1,005.51 million in July.
The continued appreciation of US dollar against Bangladeshi Taka (BDT) is playing an important role in increasing the inflow of remittances into Bangladesh, observed experts.
The inflow of remittance over the first five months of the current fiscal year witnessed an upward trend as the expatriate Bangladeshis sent US$5,768.54 million during the period from July to November (2017-2018 fiscal year).
This is a 10.76 percent rise over the amount sent during the same period in the previous fiscal year. Bangladesh received $5,208.12 million remittances during July to November of 2016-17 financial year, according to Bangladesh Bank (BB) data.
The inter-bank exchange rate of the US dollar stood at Taka 82.50 on December 7, up from Taka 79.10 on January 1 this year and Taka 78.70 on December 7, 2016.
“Appreciation of US dollar against BDT is one of the reasons for increasing the inflow of remittance. Recently, the expatriate Bangladeshis have sent more remittances than before,” BB Deputy Governor Abu Hena Mohammad Razee Hassan told.
He said the central bank has also taken some measures to streamline the legal channel for encouraging the Non-Resident Bangladeshis (NRBs) to send money home.
It is another reason to rebound the flow of remittances into the country in the current fiscal 2017-18, he added.
Arastoo Khan, Chairman of Islami Bank Bangladesh Limited (IBBL) said that the US dollar continues to gain strength against BDT and it is encouraging for the expatriate Bangladeshis to remit more of their income as they get higher value of their income than before.
Managing Director of Mutual Trust Bank Limited (MTBL) Anis A Khan said the US dollar is appreciating in recent times as the demand for the greenback has shot up due to a rise in the import of capital machineries and essential commodities, including food grains.
“Settlement of Letter of Credit (LC) of different import items by banks has increased recently. So, the demand for US dollar is also increasing,” he added.
He said due to appreciation of US dollar, NRBs feel encouraged to send more money to their near and dear ones.
According to the BB data, the country received $1,214.75 million in November, $1162.77 million in October, $856.87 million in September, $1,418.58 million in August and $1,115.57 million in July, 2017.
But in 2016-17, the country received $951.37 million in November, $1,010.99 million in October, $1,056.64 million in September, $1,183.61 million in August and $1,005.51 million in July.
