Bangladesh’s remittance inflow rises 17 percent in FY 2017-18

The expatriate Bangladeshi workers have sent home around $15 billion in just-concluded 2017-18 m, year, which is 17 percent more than the remittance sent in the previous financial year.

The amount is the second highest for Bangladesh in a year behind $15.31 billion received in 2014-15.

Finance Minister AMA Muhith said the amount of remittance rose due to the rise in oil prices in the global market and US dollar against taka in Bangladesh. He also credited the central bank’s steps to stop the illegal channels to send money for the spike. 
Money sent by the non-resident Bangladeshis makes up about 12 percent of Bangladesh’s GDP.

According to latest data released by the Bangladesh Bank, the expatriates remitted $14.98 billion in the last fiscal year. They sent $12.77 billion in 2016-17.

After record remittance in 2014-15, the figures dropped in the three following financial years.

Muhith had hoped for a rise in remittance after an increase in manpower export last year. Bangladesh Bank Governor Fazle Kabir had also hoped the remittance would be worth $15 billion.

The amount of remittance rose in past two months ahead of Ramadan and Eid-ul-Fitr. In June, Bangladesh received over $1.38 billion in remittance, which is 14 percent more than the same month last year. The amount was over $1.48 billion in May.

Following the rise in remittance, Bangladesh Bank’s foreign currency reserves have also increased to $33.17 billion.