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Eid fervour fuels remittance flow

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After a little slowdown in the previous two months, inward remittance increased to $1230.46 million in July as expatriates sent more money back home ahead of Eid-ul-Fitr festival.

The country fetched $1230.46 million as remittance in July, up from $1058.24 million in June and $1087.19 million in May, according to Bangladesh Bank (BB) data.

“As the Eid nears, expatriate Bangladeshis started to send home as much money as they can for their near and dear ones for celebration of the festival,” a BB source said.   

The country received a total of $14.46 billion from expatriates in 2012-13 fiscal that helped regain the appreciation of local currency and build a safe foreign-currency reserve to meet the emergency import costs for over five months.  

BB data show that the remittance income in July this year exceeded all the previous records of the single-month remittance.

The single-month remittance in July stood at $1201.15 million in 2012-13 FY and $1015.58 million 2011-12 FY, according to BB data.

The country has been posting a tremendous growth in inward remittance in the last 20 consecutive months, registering over $1 billion each month, says a Daily Sun report.

Inward remittance stood at $12.84 billion in 2011-12 fiscal.

Bangladesh has a large base of overseas employment across the middle-east, Europe, USA, UK, Japan, Malaysia, Singapore and some other regions and territories across the world.

Various global institutions, business communities and economists have been lauding Bangladesh for the huge remittance inflows, which helping the country to build a healthy reserve of foreign currencies, contributing to stabilise the exchange rate and reduced the pressures of balance of payments (BoP).

Official data provided by the Expatriate Welfare and Overseas Employment Ministry suggests that some 7.6 million Bangladeshis are working abroad to earn a living for their families back home.

Unofficial data, however, suggests the number of Bangladeshi migrant workers is around 10 million.

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