Remittance inflow hits $15 billion mark

The yearly remittance inflow to the country hit a new record, crossing the $15-billion mark at the end 2014-15 financial year (FY15), according to Bangladesh Bank (BB).
The previous highest record was $14.46 billion in 2012-13 financial year (FY13), BSS reported.
BB data released on Thursday showed that the country received $15.3 billion in remittance from expatriates Bangladeshis in the just concluded financial year, which was 7.5 percent higher than that of the previous 2014-15 fiscal year (FY14).
Expatriate Bangladeshi sent home over $14.22 billion in FY14.
The country also saw significant rise in the inflow of monthly remittance in June, with receiving $1.43 billion.
The amount was 11.27 percent higher than $1.28 billion received in June last year.
The Migration and Remittances Unit of the World Bank (WB) earlier projected that Bangladesh would receive over $15 billion in remittance in 2014 and the inflow would increase further in future if Saudi Arabia and the United Arab Emirates (UAE) resume Bangladeshi labour recruitment.
With the steady inflow of remittance, Bangladesh became the eighth biggest remittance recipient country in the world.
Global credit rating agency Moody's in a report said that Bangladesh achieved positive rating because of its strong reserve and remittance inflow, which also suggested a bolstering of the sovereign's external payments position.
The international rating agency also said the higher remittances helped offset the trade deficit and counterbalanced the lack of diversification in the export, which is highly reliance on garment and textile sectors.