Economic Reporter :
Inflow of remittances has witnessed an upward trend in the recent months as expatriates sent home US$1267.61 million in May, which was $174.97 million up from April and $53.15 million up from the corresponding month in the previous fiscal 2015-16 (FY16), according to Bangladesh Bank (BB) data.
The country received $1092.64 million in April and $1214.46 million in May FY16, the BB statistics show.
"The recent flow of remittance indicates that it is gradually increasing and this trend is likely to continue in the upcoming months," Bangladesh Bank Deputy Governor Abu Hena Mohammad Razee Hassan told.
According to BB, the country received $1009.47 million as remittance in January and $940.75 million in February 2017, but it witnessed a rising trend from March as migrant workers sent home $1077.52 million in March and $1092.64 in April.
Recently, Finance Minister AMA Muhith, in his budget speech, said the government has undertaken various measures to bring back the remittance inflow in positive trend for boosting GDP growth by increasing consumption expenditure.
The initiatives include reducing cost of remittance transfer, improving remittance management efficiency of overseas banking units and exchange houses, strengthening making arrangements between Bangladeshi banks and the local banks of the countries where expatriates are working and motivating the workers to remit through Probashi Kallyan Bank.
The finance minister expressed his firm conviction that "All these initiates together with increasing trend of global growth will have positive impact on our remittance inflows."
Supporting the Finance Minister, BB Deputy Governor Abu Hena Mohammad Razee Hassan also said the central bank is trying to aware the expatriate Bangladeshis to use the formal channel instead of the informal channel for sending remittance.
Earlier, BB chief spokesperson Subhankar Shah said some Non-Residence Bangladeshis (NRBs) are using informal channel, including mobile banking, for sending their money home.
Besides, the falling currency rate against dollar and low oil prices have hit the incomes of the Middle Eastern countries where most of the Bangladeshi migrants work, he added.
Shah said BB has already sent letters to the Bangladesh missions aboard for taking steps to close illegal bKash or Rocket agents to stop sending money home by migrant workers through informal channels.