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Bangladesh July-August remittances reach 2.53 bln USD

Bangladesh July-August remittances reach 2.53 bln USD

DHAKA: Bangladeshis living and working abroad remitted back 2.53 billion U.S. dollars in the first two months of the current 2017-18 fiscal year, central bank data showed Tuesday. According to Bangladesh Bank (BB) data, the flow of inward remittances surged about 20 percent year on year to 1,418.58 million U. S. dollars in the last month. Remittances, one of the key sources of foreign exchange for the impoverished nation, was 1,115.57 million U.S. dollars in July, it showed.

BB officials say the inflow of remittances rose sharply last month as non-resident Bangladeshis sent home more money for their relatives to celebrate Eid al-Adha, one of the largest Muslim festivals, held on Sept. 2. The amount of remittance from about 10 million Bangladeshis in the last fiscal year spanning from July 2016 to June 2017, stood at about 13 billion U.S. dollars. Most of the remittances come from Saudi Arabia, the United Arab Emirates, the United States, Kuwait, Britain, Malaysia, Oman, Qatar, Singapore, Bahrain, Italy and Australia, according to the bank.