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Remittance rises 16% in May

  • Published at 07:39 pm June 4th, 2017
Remittance rises 16% in May
The remittance in May increased by 16% to $1.27 billion compared to April that fetched $1.09 billion only, according to the Bangladesh Bank data released on Sunday. In May of the last fiscal year, the remittance inflow was $1.21 billion, 4.5% less than the same period of FY’17. Though the remittance was on the downtrend since the beginning of current fiscal year, it saw the rise last month only. Despite the sudden rise in remittance last month, it is still below 14% compared to the ratio of July-May period of the previous fiscal year. The strong value of Taka against Dollar, the decline in oil price in the international market, fall in earnings by expatriates in the middle-eastern countries and remitting through illegal channels were behind the reasons of remittance fall. Over the 11 months of the current fiscal year, remittance stood at $11.55 billion, which was $13.46 billion in the same period of the previous year. According to the analysts, the rise of remittance inflow in the month of May is attributed to appreciation of Dollar against Taka and the holy month of Ramadan, which encouraged the expatriates to send remittance through legal channel. The central bank hopes that a big chunk remittance inflow is expected this month ahead of Eid ul-Fitr. According to the BB data, remittance worth $.35 billion came through six state-owned banks while $.88 billion through private commercial banks, $.12 billion through nine foreign banks and $.13 billion through two specialised banks.
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