Remittance inflow into the country recorded a 24 percent growth in the first three months of the current fiscal year.

The non-resident Bangladeshis (NRBs) sent US$ 1645.55 million during July-September period of 2007-08 compared to $ 1330.02 million during the same period of the previous fiscal year.

Banking sources said Bangladesh received a handsome amount of remittance during the period because of the upcoming Eid-ul-Fitr festival. During Eid festivals, expatriate Bangladeshis usually send more money to the country.

The country received $ 542.28 million remittance in September, $ 483.66 million in August and $ 567.11 million in June of the current fiscal year.

The country’s foreign exchange reserve is in a strong position due mainly to rise in remittance. The foreign exchange reserve yesterday hit $ 5.11 billion.

Bankers said the government’s recent measures against ‘hundi’, an illegal way of money transfer, encouraged the Bangladeshi wage earners to send money home through legal channels.

The measures include extension of drawing system of Bangladeshi banks with more foreign exchange houses.

The private commercial banks have also taken initiatives to increase their earnings from remittance services, the sources said.

However, a significant amount of remittances still comes through ‘hundi’.

Sonali Bank, Agrani Bank, Pubali Bank and Islami Bank Bangladesh Ltd are the major players handling the remittance inflow.

In 2006-07, Bangladesh received $ 5984 million remittances compared to $ 4802 million in 2005-06, recording a 24.61 percent growth.