Remittance saw a huge boost in March amounting to US$401 million, the all-time high in a single month.

With the strong flow last month, the total amount rose to $2827 million in the first three quarters of the current financial year, recording a 13 percent growth over the corresponding period of last fiscal year, according to Bangladesh Bank statistics.

Local currency's devaluation against all majors including the greenback encouraged the nonresident Bangladeshis (NRBs) to

send more money home through official channels, bankers observed.

Increased remittance flow helped foreign exchange reserves go past $3,033.88 million on Saturday, which went below three billion mark after making an import bill payment to the Asian Clearing Union last month.

In the recent months, exchange rates of major currencies like US dollar, pound sterling and Saudi riyal in the unofficial channels have been almost the same or less in many cases, which is another reason for sending money through official channel, they explained.

"There had been a substantial gap of foreign currency exchange rates between official and unofficial channels earlier but the situation is different now," said a banker working at a private commercial bank in Motijheel. People earlier gained two to three taka more by sending money through unofficial channels.

The NRBs sent $833.72 million in the first quarter, $945.11 million in the second and $1048.59 million in the third quarter.

The target for remittance income for the FY2004-05 was set at $3620 million while the income had been $3371.97 million in the 2003-04

fiscal.

The nationalised commercial banks (NCBs) are opening exchange houses in important foreign cities to encourage NRBs to send money through banks.

According to Export Promotion Bureau statistics, exports during July-February period of the current financial year clocked 13 percent growth, amounting to US$5,415 million than last fiscal's same period.

The double-digit boost in remittance and export earnings is helping to maintain a satisfactory foreign exchange reserve, said a senior olficialof Bangladesh Bank.