Remittance flow in 11 months nears just $5.50b mark
Friday, 8 June 2007
FE Report
The flow of inward remittance touched nearly the US$5.50 billion (550 crore) mark in the first 11 months of the current fiscal, recording a 25.02 per cent growth over the corresponding period of the last fiscal, official sources said.
On the other hand, the country's foreign exchange reserve stood at $4.48 billion Wednesday, thanks to the robust growth of remittances from Bangladeshis working abroad, the sources noted.
The remittance earnings during the period came just in continuation of last fiscal's trend and record inflow of $4.80 billion. The growth in 2005-06 was 24.89 per cent over the previous fiscal.
According to the provisional estimates of the Bangladesh Bank (BB), the country received $5.46 billion during the July-May period of the current fiscal 2006-07 against $4.37 billion recorded in the corresponding period of the previous fiscal.
The remittances from Bangladeshi nationals working abroad were estimated at $561.92 million in May last, registering a 3.34 per cent growth from that of the previous month. In April last, the remittances were worth $543.74 million.
"We are expecting that the flow of remittance may cross the $6.0 billion mark by the end of the current fiscal," a BB senior official told the FE Wednesday, adding that the upward trend of inward remittances may continue in near future.
He also said the stable exchange rate of the local currency against the US dollar has helped increase the flow of inward remittances.
Most of the private commercial banks (PCBs) along with the state-owned banks are still trying to increase the flow of inward remittances from different parts of the world including Middle East, the United Kingdom, Malaysia, Singapore and Italy.
"There is no scope to compromise. We are desperate to increase the flow of remittance at any cost to meet our internal foreign exchange demand," a senior official of a PCB told the FE.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send home their hard-earned money through the formal banking channel instead of the illegal "hundi" system and help boost the country's foreign exchange reserves.
Besides, the BB has already directed the commercial banks to expedite delivery of remittances to the beneficiaries at the quickest possible time to encourage the expatriates to use the banking channel for overseas fund transfers.
The flow of inward remittance touched nearly the US$5.50 billion (550 crore) mark in the first 11 months of the current fiscal, recording a 25.02 per cent growth over the corresponding period of the last fiscal, official sources said.
On the other hand, the country's foreign exchange reserve stood at $4.48 billion Wednesday, thanks to the robust growth of remittances from Bangladeshis working abroad, the sources noted.
The remittance earnings during the period came just in continuation of last fiscal's trend and record inflow of $4.80 billion. The growth in 2005-06 was 24.89 per cent over the previous fiscal.
According to the provisional estimates of the Bangladesh Bank (BB), the country received $5.46 billion during the July-May period of the current fiscal 2006-07 against $4.37 billion recorded in the corresponding period of the previous fiscal.
The remittances from Bangladeshi nationals working abroad were estimated at $561.92 million in May last, registering a 3.34 per cent growth from that of the previous month. In April last, the remittances were worth $543.74 million.
"We are expecting that the flow of remittance may cross the $6.0 billion mark by the end of the current fiscal," a BB senior official told the FE Wednesday, adding that the upward trend of inward remittances may continue in near future.
He also said the stable exchange rate of the local currency against the US dollar has helped increase the flow of inward remittances.
Most of the private commercial banks (PCBs) along with the state-owned banks are still trying to increase the flow of inward remittances from different parts of the world including Middle East, the United Kingdom, Malaysia, Singapore and Italy.
"There is no scope to compromise. We are desperate to increase the flow of remittance at any cost to meet our internal foreign exchange demand," a senior official of a PCB told the FE.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send home their hard-earned money through the formal banking channel instead of the illegal "hundi" system and help boost the country's foreign exchange reserves.
Besides, the BB has already directed the commercial banks to expedite delivery of remittances to the beneficiaries at the quickest possible time to encourage the expatriates to use the banking channel for overseas fund transfers.