Dhaka, Bangladesh (BBN) – The flow of inward remittances fell by over 24 percent in November over the previous month, following the celebration of Eid-ul-Azha festival, officials said on Monday.
The Bangladesh nationals working abroad sent US$1.098 billion in November 2012. The amount was lower by $356.44 million than the level of remittance receipts in the previous month. In October, the remittance inflows stood at $1.454 billion, according to the central bank statistics.
“Most remitted money came in the month of October from the expatriates to their families to facilitate celebration of the Eid festival. So, the inflow of remittance receipts decreased in November last,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the inflow of remittance is still a satisfactory level. “The flow of inward remittance may pick up in the coming months after resuming manpower export to Malaysia shortly.”
The country received $6.111 billion as remittance earnings during July-November period of the current fiscal year, registering a 24.17 percent growth over the corresponding period of the previous fiscal, the BB data showed.
Bangladesh’s foreign exchange reserve stood at $11.78 billion on Monday due mainly to the robust growth in inward remittances from the Bangladeshis working abroad, according to the BB officials.
The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send their hard-earned money through formal banking channel, instead of the illegal “hundi” system, to help boost the country’s foreign exchange reserves.
BBN/SSR/AD-03Dec12-9:50 pm (BST)
