Bangladesh’s inward remittances increased through legal channels as the banks are providing additional incentives to attract remittances, reports UNB.

However, the expatriates sent inward remittances of $1.97 billion in October through banking channels.

According to the data of the Bangladesh Bank (BB), the banking channel received $1.97 billion in inward remittances in October.

BB spokesperson Mezbaul Haque said that inward remittances flow increased for time befitting initiative of the central bank.

He said the central bank instructed banks to provide additional incentives from their financial sources, which plays a role in increasing the flow of inward remittances in the legal channel.

With the government's 2.5 per cent incentive on expatriate income, banks can buy dollars at an additional 2.5 per cent higher price. A total of 5 per cent is getting incentives. As a result, remittances are coming to the country through legal channels, he added.

Bd-pratidin English/Golam Rosul