Dhaka, Bangladesh (BBN) - The inflow of remittance fell further in April this year from that of the previous month due to higher gap in exchange rates of the US dollar in the formal and kerb markets, officials said.
They also said the ongoing political turmoil also contributed to the decline of remittance inflow, they added.
Bangladeshi nationals working abroad sent US$1.082 billion in April, less by $26.86 million than the amount remitted in the previous month.
In March, the remittance was $1.109 billion.
The country received $1.133 billion as remittance in February, according to the central bank statistics, released on Thursday.
“The inflow of remittance decreased slightly in April from that of the previous month due mainly to five-day strike and higher gap in the US dollar rates in the formal and kerb markets,” a senior official of the Bangladesh Bank (BB) said.
The central banker also said the BB is now working to minimize the difference between the exchange rate of the US dollar in the banking system and the kerb market.
The buying rate of the US dollar in the kerb market was higher by nearly BDT 2.0 Thursday than the rate offered by the state-owned commercial banks.
The state-owned commercial banks were selling each greenback at BDT 82.45 and buying at BDT 81.45 on Thursday, a treasury official of a commercial bank said.
On the other hand, the US currency was sold between BDT 84.20 and BDT 84.50 in the kerb market on the day, while the buying rates were between BDT 84.10 and BDT 83.20.
The country received $10.614 billion during the July-April period of the current fiscal year (2011-12), registering a 10.41 per cent growth over that of the corresponding period of the previous fiscal, the officials added.
Around 249,456 workers found jobs abroad during the first four months of the calendar year 2012, following the growing demand of Bangladeshi manpower, considering low cost of labour, officials said.
During the January-April period, the overseas recruitments recorded 62 per cent growth compared to the corresponding period of the previous year, said the Bureau of Manpower Employment and Training (BMET).
The BMET data showed that around 249,456 workers went abroad with jobs in January-April period of 2012, up from 153,933 of a year ago.
The central bank officials also said the increasing trend of manpower export will help to raise inflow of remittance in near future.
The BB earlier took a series of measures to encourage the expatriate Bangladeshis to send their money through formal banking channel, instead of the illegal "hundi" system to boost the country's foreign exchange reserve.
Currently, some private commercial banks along with the state-owned commercial banks are desperately trying to increase the flow of inward remittance from the Middle East, the United Kingdom, Japan, Canada, Australia, Malaysia, Singapore, Italy and the United States.
“We're establishing new contacts with overseas exchange houses, so that our workers can easily send home money,” an official said, adding that some banks are trying to set up their own exchange houses in different parts of the world.
The country's foreign exchange reserve stood at $10.235 billion Thursday, due mainly to the higher inflow of remittance.
BBN/SSR/AD-04May12-1:40 am (BST)
