FT Online

Published:
2019-08-06 15:21:49 BdST

BD sees boom in remittances ahead of Eid


Bangladeshi expatriates sent home 1.56 billion US dollars in July, the first month of the current 2019-20 fiscal year, a central bank official has said.

This amount is up by 21.20 per cent from $1.32 billion received in the same month of the last 2018-19 fiscal year, the Bangladesh Bank official said declining to be named.

The inflow of remittances rose sharply as non-resident Bangladeshis are sending home more money for their relatives ahead of Eid-ul-Azha to be held on August 12.

Remittances mainly came from Middle Eastern countries such as the United Arab Emirates, Saudi Arabia and Kuwait, among others, Xinhua reported.

Bangladesh remittances hit an all-time high of 16.40 billion US dollars in the immediate past 2018-2019 fiscal year.

Officials said the increase in total inflow of remittance in the last fiscal year were mainly due to boom in overseas employment in Middle East countries and devaluation of Bangladeshi currencies against the US dollar.

The inflow remittances from some 10 million Bangladeshis, living and working in over 100 countries and regions in the past 2017-2018 financial year amounted to 14.98 billion dollars.

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