Expatriates send all-time monthly high remittance in July

FE ReportbrBangladeshis living abroad remitted record US$829 million in July, all time monthly high, as the amount surpassed the previous best of $808 million in March last, the central bank officials said Tuesday.brThe inflow of remittance marked 46.11 per cent increase in July 2008, compared to $567.71 million received in July 2007.brThe higher inflow of remittance in July is very encouraging as the country started the first month of the fiscal year on a positive note, they said. brBetween March and July the inflow of average foreign remittance was more than $750 million although the overseas jobs for Bangladeshis marked a gradual fall.brDespite decline in overseas jobs the central bank officials expressed the hope that the higher inflow of remittance would continue until the next month and might surpass $1.0 billion mark for the first time.brThey said during the month of Eid inflow of remittance usually makes a substantial rise as expatriate Bangladeshis send higher remittances to their family members on the occasion of Eid-ul-Fitr.brThe central bank, however, apprehended that inflow of remittances might fall in the subsequent months due to decline in overseas jobs for Bangladeshi unskilled workers. brOverseas jobs dropped by about 38 per cent in August compared to the previous month due to a decline in demand in the Middle Eastern countries and Malaysia.brSome 88,202 Bangladeshis found jobs in July and 98,002 in June last.brMore than 5.6 million Bangladeshis are now working in over 100 countries across the globe. In the 2007-8 fiscal they sent home $7.939 billion in remittances, up nearly two billion dollars from the previous fiscal.brRemittance played a very important role in the country's economy that achieved more than 6.0 per cent growth in the last two fiscal years. It helped the country indirectly to maintain its balance of payment.br