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Thursday, May 24, 2018

Remittance rises 20% in March

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Remittance inflow stood at $1.3 billion in March, an increase of about 20 percent compared to the same period a year earlier.

Analysts attributed the remittance growth to a hike in global fuel oil prices and fund transfer through legal channels.
In the first nine months (July-March) of the current fiscal year, expatriates sent about $10.76 billion. The amount is expected to reach $15 billion by the end of this fiscal year.

The remittance growth has also boosted foreign reserves that rose 17 percent during the period.

A rise in global oil prices, the stronger dollar against the taka and the central bank’s steps to encourage expatriates to remit funds through legal channels are the reasons for the higher remittance inflow.

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