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Remittance hits $889.57mn in Q3 of Feb

The country received US$889.57 million in remittance during the first 20 days of the current month of February, report agencies.  In January, the total remittance received by the country was $1.243 billion and it is expected that the remittance inflow will exceed $1.2 billion in February as well.

Of the total remittance received in 20 days of the current  month, non-resident Bangladeshis (NRBs) living in various countries sent $266.68 million in the first six days, $331.22 million on February 7-13 and $291.67 million on February 14-20, according to available Bangladesh Bank data.

The statistics show that during the period the four state-owned commercial banks — Agrani, Janata, Rupali and Sonali — received $293.32 million from the expatriate Bangladeshis while four state-owned specialized banks $12.59 million.

The maximum remittance came through the private commercial banks who received $575.14 million while the nine foreign banks received only $8.52 million.  Among the private banks, Islami Bank Bangladesh Limited (IBBL) received the highest remittance of $211.08 million, followed by National Bank Limited (NBL) $42.04 million.

However, the lowest remittance was received by the three NRB banks, which were set up by non-resident Bangladeshis with the main aim of remitting their earnings.  Of the three such banks, NRB Bank Ltd and NRB Global Bank Ltd failed to receive any remittance while only the NRB Commercial Bank Ltd got $0.69 million.

The other private banks which brought substantial amount of remittance include Uttara Bank ($35.50 million); Pubali Bank ($32.06 million); Bank Asia ($26.81 million); Dutch-Bangla Bank ($28.76 million); Prime Bank ($21.16 million); BRAC Bank $19.83 million); City Bank ($16.44 million); AB Bank ($16.20 million); Dhaka Bank ($15.19 million); Southeast Bank ($13.19 million); and NCC Bank ($10.74 million).

The country’s foreign exchange reserve on Thursday set a new record of $23.03 billion owing to the positive remittance inflow.  Bangladesh Bank officials said the rising trend of foreign exchange reserve was due to the growing trend in the inward remittance.

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