Dhaka, Bangladesh (BBN) - Remittances from expatriate Bangladeshis exceeded US$2.0 billion in the first two months of this fiscal, marking a rise of 14.96 per cent over the corresponding period of last fiscal.
The remittances from Bangladeshi nationals working abroad were estimated at $1.078 billion in August this year, up by $62.57 million from the level of the previous month. In July 2011 the remittances stood at $1.015 billion.
The country received $2.09 billion during the July-August period of fiscal 2011-12 against $1.82 billion in the same period of the previous fiscal, according to the central bank statistics, released on Tuesday.
The remittance earnings in August last came as a continuation to last fiscal's trend and record inflow of $11.650 billion. The growth in 2010-11 was 6.03 per cent over the previous fiscal.
“The flow of inward remittances increased significantly in the last two months due mainly to the Eid-ul Fitr, the biggest religious festival for the Muslims,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The central banker also said the inflow of remittances may slightly fall this month. But it will increase in the month of October ahead of the Eid-ul-Azha festival.
The country’s foreign exchange reserve stood at $10.96 billion Tuesday, thanks to the robust growth of remittances from Bangladeshis working abroad, the central bank officials added.
The central bank of Bangladesh earlier took a series of measures to encourage expatriate Bangladeshis to send their hard earned money through formal banking channel instead of the illegal “hundi” system to boost the country’s foreign exchange reserves.
Four state-run commercial banks and dozens of private commercial banks have stepped up efforts to increase remittance flow from the Middle East, the United Kingdom, Malaysia, Singapore, Italy and the United States.
“We’re still serious about increasing the inflow of remittances through official channels to meet our internal foreign exchange demand,” a senior official of a commercial bank told BBN.
He also said some banks are now trying to set up their own exchange houses or drawing arrangements with overseas companies in the different parts of the world as part of the move.
BBN/SSR/AD-06Sept11-7:20 pm (BST)
