DHAKA, July 7: The country received an increased volume of remittance sent home by Bangladeshis working abroad in the last fiscal year, showing a 10.26 percent rise compared to that of fiscal year 2011-12, the central bank said on Saturday.
The total remittance inflows stood at Tk $12.85 billion or $12846.05 million in the last 12 months (July-June) against $11.65 billion or $11650.30 million received in the fiscal 2010-2011.
“The figure of June is provisional… we’ll get final figure within the next couple of days. Then the amount might jump further,” a senior Bangladesh Bank official told UNB over phone.
According to the provisional figure, the country received $1.07 billion or $1073.48 million in the last month (June) of the last fiscal year.
“The total remittance might touch $13-billion mark or it’ll be very close to that,” he said adding that the government expects a further rise in the remittance inflows in the current fiscal.
The data shows that the lowest remittance inflow was recorded in September with only $855.44 million while January saw the highest amount of remittance ($1.22 billion).
The BB officials said the government and the central bank along with commercial banks are continuously putting in their best efforts to make it easier for people to send money home which helped give the country an increased volume of remittance.
The central bank’s initiative to encourage people send money through formal channel also helped boost remittance inflow, they said.
The country received remittance worth $1015.58 million in July, $1101.79m in August, $855.44m in September, $1039.48m in October, $908.79m in November and $1144.38m in December last year.
Meanwhile, the remittance inflows was $ 1221.4 million in January, $1133.01 in February, $1109.14 in March, $10.83.9 in April, $1156.82 million in May and $1073.48 in June.
Economists said the money sent by the expatriates played a major role in alleviating poverty.
Over eight million Bangladeshis working abroad send remittance which is playing a significant role in the country’s economy.
The remittance is the key source of foreign exchange alongside garment exports which account for 80 percent of the total export earnings of around $25 billion a year.
A majority of Bangladesh expatriates are employed in Middle Eastern countries and almost 60 percent of the remittances come from there.
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