Remittance earning hits one-year high | 2017-09-04 |

Remittance earning hits one-year high

Country received $1.4185bn in August

UNB     4th September, 2017 09:37:51 printer

Remittance earning hits one-year high

The inward remittance inflow has marked a rise after a declining trend for over one year as the country received $1.4185 billion from the expatriates in August last. In July, the country's remittance earning was $1.115 billion.


As per Bangladesh Bank's latest data, the remittance inflow crossed the benchmark of $1.4 billion in August after maintaining an average $1.1 billion mark throughout the years of 2015 and 2016.


In June 2016, the country received $1.465 billion and since then the remittance took a downward trend.


Officials in the central bank believe that the Eid-ul-Azha might be a major reason behind the increase in the remittance inflow as expatriates send extra money to their relatives living in the country for buying sacrificial animals.


Bangladesh Bank statistics show six state-owned commercial banks -- Agrani, Janata, Rupali, Sonali, BASIC and BDBL -- received $395.15 million from expatriate Bangladeshis while two state-owned specialised banks -- BKB and RAKUB -- got $11.76 million.


The maximum remittance came through private commercial banks as they received $998.81 million while the nine foreign banks $17.11 million.


Among the private commercial banks, Islami Bank Bangladesh Limited (IBBL) topped the chart as it received $304.96 million followed by Dutch-Bangla Bank's $75 million.


Of the state-owned banks, Agrani Bank brought in $133.35 million, Sonali Bank $112.09 million, Janata Bank $93.04 million, Rupali Bank $56.57 million and BASIC Bank $0.10 million. The DBL failed to receive any remittance.


Among other private banks, Southeast Bank Limited (SBL) received $63.79 million while Uttara Bank $52.57 million, National Bank $49.95 million, Pubali Bank $49.11 million, Bank Asia $38.36, Prime Bank $23.92 million, Mercantile Bank $31.88 million, NCCBL $31.25 million, Jamuna Bank $23.81 million, Mutual Trust Bank $22.30 million, Trust Bank $22.11 million, BRAC Bank $36.01 million, AB Bank $2 million and Social Islami Bank $30.37 million.


The poorest performers in remittance earning, which earned zero remittance, include DBBL, Rajshahi Krishi Unnayan Bank (Rakub), Habib Bank and National Bank of Pakistan.


The poorer performers are the NRB banks as usual although the government allowed the establishment of these banks with high hopes in this regard.


Of them, NRB Bank earned $0.32 million while NRB Commercial Bank $0.22 million and NRB Global Bank $0.41 million in remittance from non-resident Bangladeshis during the period.