Remittance inflow drops

Remittance inflow has dropped, for the first time in several decades, in the just concluded fiscal year (FY 2013-2014), which recorded 1.6 per cent less transfer of funds from abroad than the corresponding period of the previous FY. Expatriate Bangladeshis remitted $14.22 billion in 2013-14 FY while they sent $14.46 billion in the 2012-13 FY. During the 1975-1976 FY, only $10 million was remitted, according to remittance data of the central bank. Since then the remittance kept increasing. In June 2013-14 FY, $ 1.28 billion came as remittance, while in May the amount was $ 1.21 billion, Bangladesh Bank’s (BB) General Manager Quazi Saidur Rahman said. However, the June remittance inflow was 21.6 per cent more than the same period of the 2012-13 FY when $1.05 billion was remitted. Bangladesh Institute of Development Studies Research Director Zaid Bakht expressed satisfaction over the amount of remittance. The less inflow in the 2013-14 fiscal than the previous one was because the Taka became stronger than dollar, he said, according to bdnews24.com.