Remittances jump 41pc in ’08

The Daily New Age

Asif Showkat

Despite the global financial meltdown, the remittance inflow in 2008 crossed $900-crore mark, posting a 40.76 per cent year-on-year growth, according to the Bangladesh Bank statistics.
   The remittances made by Bangladeshi expatriates abroad in 2008 were estimated at $922 crore, which was $655 crore in 2007.
   ‘We expect the flow of inbound remittances to increase up to $1,000 crore in the current year, as the political situation remains stable in the country after the free and fair parliamentary elections,’ a senior BB official told New Age on Sunday .
   The official said it
   was good news for Bangladesh that it received more than $900-crore remittances in last year amid a deepening global financial crisis.
   The remittances in December 2008 were estimated at $76.90 crore and in November at $76.73 crore, increasing by more than 18 per cent from that in October.
   In October the remittances stood at $64.65 crore, down 17.40 per cent from the amount in previous month mainly due to the decline in exchange rates of euro and the pound sterling against the US dollar. The remittances amounted to $65.59 crore in October 2007.
   In September 2008 the remittances stood at $ 79.41 crore, according to the central bank statistics.
   Remittances from Bangladeshis expatriates in the first four months of the current fiscal year amounted to $299.2 crore, growing by 36.80 per cent from $218.7 crore received in the corresponding period of the previous fiscal.
   The central bank earlier took a series of measures to encourage the expatriate Bangladeshis to send home their hard-earned money through formal banking channels instead of ‘hundi’ and thus boost the country’s foreign exchange reserves.
   The BB has also directed the commercial banks to expedite delivery of remittances to the beneficiaries as fast as possible to encourage the expatriates to use the banking channels for transferring funds.
   The country’s foreign exchange reserves stood at $585 crore on Sunday, said a BB official.
   He said the remittance inflow was yet to be affected directly by the global financial crisis.


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