Remittance flow set to suffer setback if deportation continues
FE Report | Sunday, 3 August 2008
The central bank is watching the latest development in two Middle East countries -- Kuwait and Kingdom of Saudi Arabia -- to ensure the flow of inward remittances from the countries, officials said.
"We are watching the overall situation in the two countries," a senior official of the Bangladesh Bank (BB) told the FE Saturday, adding that the recent deportation of the workers by the two countries would not affect the overall inflow of remittances.
"But the flow of remittance might face a setback if the deportation continued further," he observed.
A total of 448 Bangladeshis from the two countries were sent back since July 28 last on charges of violating local laws.
The country earned a record $7.939 billion in remittances in the last fiscal, marking a growth of 32.38 per cent over the previous fiscal, according to the central bank statistics.
The flow of remittance in fiscal 2007-08 was a continuation of the trend of the previous fiscal when it was recorded at $5.97 billion. The growth in 2006-07 was 24.52 per cent over the previous fiscal.
Saudi Arabia topped the list of major sources of remittances for Bangladesh with a total of $2.324 billion sent from the country in the fiscal 2007-2008 while a total of $863.73 million was remitted from Kuwait, the BB's data showed.
A total of $4.975 billion was remitted from eight Middle East countries in fiscal 2007-08 while $2.939 billion came from other countries of the world, according to the statistics.
Meanwhile, the central bank took a special move to boost up inflow of remittances from Malaysia that might be able to bring a positive impact on the overall flow of remittances for the current fiscal.
As part of the move, the BB has asked ten commercial banks to submit action plans for increasing the flow of inward remittances from the East Asian country.
Bangladesh received a total of $ 92.44 million as remittances from Malaysia in the last fiscal as against $11.84 million of the previous fiscal.
"We are watching the overall situation in the two countries," a senior official of the Bangladesh Bank (BB) told the FE Saturday, adding that the recent deportation of the workers by the two countries would not affect the overall inflow of remittances.
"But the flow of remittance might face a setback if the deportation continued further," he observed.
A total of 448 Bangladeshis from the two countries were sent back since July 28 last on charges of violating local laws.
The country earned a record $7.939 billion in remittances in the last fiscal, marking a growth of 32.38 per cent over the previous fiscal, according to the central bank statistics.
The flow of remittance in fiscal 2007-08 was a continuation of the trend of the previous fiscal when it was recorded at $5.97 billion. The growth in 2006-07 was 24.52 per cent over the previous fiscal.
Saudi Arabia topped the list of major sources of remittances for Bangladesh with a total of $2.324 billion sent from the country in the fiscal 2007-2008 while a total of $863.73 million was remitted from Kuwait, the BB's data showed.
A total of $4.975 billion was remitted from eight Middle East countries in fiscal 2007-08 while $2.939 billion came from other countries of the world, according to the statistics.
Meanwhile, the central bank took a special move to boost up inflow of remittances from Malaysia that might be able to bring a positive impact on the overall flow of remittances for the current fiscal.
As part of the move, the BB has asked ten commercial banks to submit action plans for increasing the flow of inward remittances from the East Asian country.
Bangladesh received a total of $ 92.44 million as remittances from Malaysia in the last fiscal as against $11.84 million of the previous fiscal.