Remittances jump 30% year-on-year in October

Banks and foreign currency dealers have decided to keep no ceiling on offering incentives from their own funds

Bangladesh has received nearly $1.8 billion in inward remittances in October, the highest in the past four months with a 30 percent year-on-year rise.

The Bangladesh Bank on Oct 22 allowed the commercial banks to give the expatriate Bangladeshis 2.5 percent cash incentives on top of the 2.5 percent provided by the government.

Analysts believe the decision encouraged the expatriates to avoid the illegal channels of remittances.

The banks and foreign currency dealers are also increasing the taka-dollar exchange rate and have decided to keep no ceiling on offering incentives from their own funds.