Bangladesh enjoys 16.58pc remittance inflow surge in July-September

Bangladesh has recorded a 16.58 percent rise in remittance inflows in July-September period from the year before.

It received over $4.5 billion in remittances in the first three months of 2019-20 fiscal year.

Usually Bangladesh’s remittance inflows drop after a spurt during Eid-ul-Fitr and Eid-ul-Azha but the trend has been bucked this year.

The expatriates sent $1.46 billion in September, with a 29 percent rise from the same month last year, and the fourth highest remittance in a month in the country’s history.

The expatriates sent nearly $1.75 billion in May ahead of Eid-ul-Fitr, which was the highest for a month.

Economists and bankers believe the government’s announcement to award 2 percent incentives on remittances, increase in manpower export and rise in fuel oil prices in the global market have caused the surge in Bangladesh’s remittance inflow.

The 2019-20 financial year started with the remittance inflow in an upbeat mood as the country received $1.6 billion in July, the second highest for a month and 21.2 percent more than the same month last year.

In 2018-19, Bangladesh received record $16.42 billion in remittance with a 9.6 percent growth.

With the new remittance, Bangladesh Bank’s foreign currency reserves stood at $31.85 billion.

It dropped below $32 billion recently after payments were made against import to the Asian Clearing Union.