$1.12b in remittance received in July

Millions of Bangladeshis, living and working abroad, remitted home 1.12 billion US dollars in July, the first month of the current 2017-18 fiscal year (July 2017-June 2018), a central bank official said yesterday, reports Xinhua from Dhaka.

The Bangladesh Bank (BB) official told the news agency that "the flow of inward remittances surged about 11 per cent year on year to 1,115.57 million US dollars in the last month."

The inflow of remittances would likely rise further this month as non-resident Bangladeshis will send home more money for their relatives to celebrate Eid-ul-Azha, one of the largest Muslim festivals, which is expected to take place on September 1 this year.

The amount of remittance from about 10 million Bangladeshis in the last fiscal year spanning from July 2016 to June 2017, stood at 13 billion US dollars, over 10 per cent higher than the same period a year ago, the official said.

The remittance received in March this year, however, is 16.19 per cent less than the 1.285 billion dollars received in the same month last year.

In July-March period, Bangladesh received 9.19 billion dollars. In the same period in 2015-16 fiscal year, the amount was 11.05 billion dollars.

According to BB, Bangladesh received US$1478.42 million in remittances from Saudi Arabia, US$744.46 million from Malaysia and US$204.61 million from Singapore for the first eight months of FY17.

But inward remittance maintained a sluggish trend from the very beginning of FY17 and the country received a total of US$8,112.52 million for the first eight months of FY17 though the amount was US$9774.09 million during the same period of FY16.

$1.12b in remittance received in July

Millions of Bangladeshis, living and working abroad, remitted home 1.12 billion US dollars in July, the first month of the current 2017-18 fiscal year (July 2017-June 2018), a central bank official said yesterday, reports Xinhua from Dhaka. The Bangladesh Bank (BB) official told the news agency that the flow of inward remittances surged about 11 per cent year on year to 1,115.57 million US dollars in the last month. The inflow of remittances would likely rise further this month as non-resident Bangladeshis will send home more money for their relatives to celebrate Eid-ul-Azha, one of the largest Muslim festivals, which is expected to take place on September 1 this year. The amount of remittance from about 10 million Bangladeshis in the last fiscal year spanning from July 2016 to June 2017, stood at 13 billion US dollars, over 10 per cent higher than the same period a year ago, the official said. The remittance received in March this year, however, is 16.19 per cent less than the 1.285 billion dollars received in the same month last year. In July-March period, Bangladesh received 9.19 billion dollars. In the same period in 2015-16 fiscal year, the amount was 11.05 billion dollars. According to BB, Bangladesh received US$1478.42 million in remittances from Saudi Arabia, US$744.46 million from Malaysia and US$204.61 million from Singapore for the first eight months of FY17. But inward remittance maintained a sluggish trend from the very beginning of FY17 and the country received a total of US$8,112.52 million for the first eight months of FY17 though the amount was US$9774.09 million during the same period of FY16.