Remittance inflow drops

The inflow of hard earned remittance sent by the migrant workers has dropped to US$ 4.25 billion in the first four months of the current fiscal year of 2016-17 compared with that of US$ 5.03 billion in the same period of last fiscal year as its inflow dropped for the four consecutive months till October.

The inflow of remittance in October declined to US$ 1.01 billion from US$ 1.09 billion in the same month a year ago, according to the latest data of Bangladesh Bank.

The monthly inward remittance in July, August and September also posted disappointing figures of US$ 1.00 billion, US$ 1.18 billion and US$ 1.05 billion respectively, down from US$ 1.38 billion, US$ 1.19 billion and US$ 1.34 billion in the corresponding three months of the FY 2015-16.

The remittance inflow in FY16 decreased to US$ 14.92 billion from US$ 15.31 billion in FY15.

Former interim government adviser AB Mirza Azizul Islam said that the exchange rate between the US Dollar and the Taka maintained a stable rate for long in the banking sector.

Besides, the Middle East countries, where a large number of Bangladeshi expatriates are working, have been facing a dull business for the last few years as the global price of petroleum declined, he said.

According to the BB data, in October the private commercial banks received US$ 667.98 million in inward remittance, while the state-run commercial banks got US$ 319.82 million, foreign commercial banks US$ 11.96 million, and specialised development banks US$ 11.23 million.

In October, Islami Bank Bangladesh received the highest amount of remittance — US$ 243.49 million — among the private commercial banks, while Agrani Bank got the highest amount — US$ 119.44 million — among the state-run banks .

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