Bangladesh receives record nearly $11 bln remittance in 2009-10 fiscal

08:14, July 07, 2010      

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Bangladesh received highest remittance in the 2009-10 fiscal year (from July 2009 to June 2010) from millions of migrating workers.

Remittance from more than 6 million expatriate Bangladeshis in 2009-10 fiscal year totaled 10.97 billion U.S. dollars, around 13. 20 percent higher than the same period a year ago, the central bank data showed on Tuesday.

According to provisional statistics of the Bangladesh Bank (BB), the amount of remittance, a key source of foreign exchange for the impoverished country after garments exports, in the last month stood at 877.95 million U.S. dollars, down 2.78 percent over that in May.

Bangladesh's inflow of remittance during the first 11 months of 2009-10 fiscal year surged 14.94 percent to 10.08 billion U.S. dollars, more than the total amount of 2008-09 fiscal year.

During 2008-2009 fiscal year (from July 2008 to June 2009), the expatriate incomes hit a record 9.69 billion U.S. dollars.

"The growth in inflow of remittance in the last fiscal year is the result of the BB's continuous efforts to encourage expatriate Bangladeshis to remit home money through formal channels," a senior central bank official, who preferred to be unnamed, said.

Despite the global economic downturn, he said, fresh overseas employment opportunities to hundreds of thousands of Bangladeshis so far this year and last year also contributed to the steady growth in inflow of remittance.

As the global economic downturn squeezed opportunities of fresh employment in developed countries, overseas jobs for Bangladeshis in the first half of this year were reduced by around 18.82 percent over that a year ago.

According to statistics of the Bangladesh Bureau of Manpower Employment and Training (BMET), some 203,684 Bangladeshis including 34,798 people in June found foreign jobs from January to June this year, compared with around 250,900 jobs in the same period a year ago.

In 2009, about 475,278 Bangladeshis found overseas jobs against a record of 875,000 in 2008.

Higher inflow of remittance has pushed Bangladesh's foreign exchange reserves to a record high level for the first time last month. According to BB, the forex reserve stood at 10.75 billion U. S. dollars at the end of June.



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