Remittance inflow increases ahead of Eid

Staff Reporter :
Remittance inflow has increased ahead of Eid-ul-Fitr as Bangladesh received over $1.16 billion in the first 17 days of the current month (March), according to Bangladesh Bank.
Bangladesh Bank (BB) is expecting that the figure will exceed $2.0 billion as expatriates are sending additional money to their relatives ahead of Eid-ul Fitr.
The central bank received $1.05 billion in the corresponding period of the last month (February).
The Bangladesh expatriates sent $14.01 billion in the first eight months (July-February) period of the current fiscal year. The amount was $13.43 billion in the same period of previous year.
In the last fiscal year, the expatriates sent $21.03 billion.  
Bangladesh Bank has withdrawn the provision of mandatory submission of document for getting incentive against inward remittance upto USD $5000 or Tk 50,0000 in a move to encourage greater inflow of remittance.
The government took the measures to increase flow of remittance in the legal format as demand for foreign currency has grown due to meet import payments.
Bangladesh is witnessing an increasing import of capital machinery, industrial raw-materials, LPG-fuel oil and commodities swelling the import payments.
Besides, the deferred payment of LCs done during the severe pandemic is being paid now.