Record remittance inflow of $15 billion in FY 2014-15

Non-resident Bangladeshis have sent remittances worth $15.3 billion during the just concluded 2014-15 fiscal, the highest ever in a single year.

Remittance inflow stood at $14.23 billion during the previous FY 2013-14, which means it rose by 7.51 percent in a year.

In June 2015, the last month of FY 14-15, expatriate Bangladeshis sent $1.42 billion, said Bangladesh Bank General Manager Kazi Saidur Rahman.

“Which is the second highest in a single month in last fiscal and an all-time third highest,” said the chief of central bank’s Forex Reserve and Treasury Management Division.

Remittance worth $1.49 billion was sent home in July, the first month of the previous fiscal that ended on June 30, setting the record for the highest amount transferred in a single month. 

“The flow increased because the central bank took measures to make sure remittance is sent through banking channels.” 

‘Stability’ in foreign exchange rates also played a role, he said. 

Earlier, $14.46 billion reached Bangladesh during 2012-13 fiscal and $ 12.84 billion in 2011-12.

Boost in reserves

The spurt in remittance inflow has swelled Bangladesh Bank’s foreign currency reserves. 

The reserves were $25.03 billion early on Thursday and set to go up as the day progressed, said the central bank’s general manager.   

The foreign exchange reserves crossed the $25 billion mark on June 26, breaking all previous records.