July-Nov remittance flow records 21.69pc growth
Friday, 7 December 2007
FE Report
Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, official sources said.
The remittance earnings in the period came as a continuation to last fiscal's trend and a record inflow of $5.98 billion. The growth in 2006-07 was 24.52 per cent over the previous fiscal.
The country received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB) statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November last, which was $58.55 million higher than that of the previous month.
Last October, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed.
The country's foreign exchange reserve stood at $5.18 billion Wednesday due mainly to robust growth of remittances from Bangladeshis working abroad, sources in the central bank said.
"The flow of inward remittances increased in the month of November due to the upcoming Eid-ul-Azha festival," a BB senior official told the FE.
He also said the flow of remittances may fall slightly in the post-Eid period.
The central bank earlier asked the commercial banks for taking measures to boost the flow of inward remittances in line with the new guidelines on drawing arrangements with overseas exchange houses.
It introduced recently the guidelines on drawing arrangements with a rise in their security deposits to avoid any financial risks.
Earlier, the central bank took a series of measures to encourage the expatriate Bangladeshis to send their hard earned money through the formal banking channel instead of the illegal "hundi" system and boost the country's foreign exchange reserves.
Besides, the BB has also directed the commercial banks to expedite delivery of remittances to the beneficiaries at the quickest possible time to encourage expatriates to use the banking channel for overseas fund transfers.
Remittances by the Bangladeshi expatriates stood at $2.806 billion in the first five months of the current fiscal, marking a 21.69 per cent growth over that of the same period of the last fiscal, official sources said.
The remittance earnings in the period came as a continuation to last fiscal's trend and a record inflow of $5.98 billion. The growth in 2006-07 was 24.52 per cent over the previous fiscal.
The country received $2.806 billion during the July-November period of the fiscal 2007-08 against $2.306 billion in the same period of the previous fiscal, according to the Bangladesh Bank (BB) statistics, released Wednesday.
The remittances from Bangladeshi nationals working abroad were estimated at a record $618.60 million in November last, which was $58.55 million higher than that of the previous month.
Last October, the total amount of money remitted by Bangladeshi wage earners amounted to $559.05 million, the BB's data showed.
The country's foreign exchange reserve stood at $5.18 billion Wednesday due mainly to robust growth of remittances from Bangladeshis working abroad, sources in the central bank said.
"The flow of inward remittances increased in the month of November due to the upcoming Eid-ul-Azha festival," a BB senior official told the FE.
He also said the flow of remittances may fall slightly in the post-Eid period.
The central bank earlier asked the commercial banks for taking measures to boost the flow of inward remittances in line with the new guidelines on drawing arrangements with overseas exchange houses.
It introduced recently the guidelines on drawing arrangements with a rise in their security deposits to avoid any financial risks.
Earlier, the central bank took a series of measures to encourage the expatriate Bangladeshis to send their hard earned money through the formal banking channel instead of the illegal "hundi" system and boost the country's foreign exchange reserves.
Besides, the BB has also directed the commercial banks to expedite delivery of remittances to the beneficiaries at the quickest possible time to encourage expatriates to use the banking channel for overseas fund transfers.