Remittance rose 9% in August

Remittance inflow to Bangladesh grew 9 percent year-on-year in August, the second month of the current fiscal year.

Expatriates sent home $2.42 billion during the month, up from $2.22 billion in the same period a year earlier, according to the latest Bangladesh Bank data.

The increase has been attributed to a narrowing gap between official and informal exchange rates, a crackdown on money laundering, and a renewed sense of patriotism among expatriates following last year's political changeover, industry insiders said.

However, August's inflow was 2.22 percent lower than the previous month. In July, Bangladesh received $2.47 billion in remittances.

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Remittance surges 30% in July

Growth in August was also weaker compared to recent months: 30 percent in July, 11 percent in June, 32 percent in May, and 34.6 percent in April, the data showed.

Areif Hossain Khan, executive director and spokesperson of the central bank, said the latest figure reflects sustainable growth.

"If we want higher growth in remittance earnings, then we will have to increase manpower exports," he added.

Between July and August of this fiscal year, Bangladesh received $4.9 billion in remittances, up 18.4 percent from $4.13 billion in the same period last year.

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