Country receives $2.25b remittance in two months

Posted by BankInfo on Tue, Sep 24 2013 11:10 am

DHAKA, SEPt 23: Bangladeshis living and working abroad sent home $2.25 billion in the first two months of the current fiscal, the country's central bank data showed Monday.

According to Bangladesh Bank (BB) data, the flow of inward remittances plunged over 14.46 percent year-on-year to $1,008.20 million in the last month, Xinhua reported. Remittances, one of the key sources of foreign exchange for the impoverished nation, in July were $1,238.96 million, it showed.

The inflow of remittances from nearly nine million Bangladeshis in the 2012-13 fiscal, which concluded in June, reached a record high of nearly $15 billion, about 13 per cent higher than a year ago, the BB data showed.

Most of the remittances came from Saudi Arabia, the United Arab Emirates, the United States, Kuwait, 
Britain, Malaysia, Oman, Qatar, Singapore, Bahrain, Italy and Australia, acording to the bank. 
The country witnessed the record high remittance inflow in the just-ended fiscal year (2012-2013) of $14460.52 million.

“It’s the highest amount of remittance that the country ever received in a year,” Bangladesh Bank official said.  
He said Bangladesh had received $ 12,843.43 million remittance in 2011-2012 fiscal year, which was $ 11,650.31 million in 2010-2011 fiscal year. 

240.36 million remittance received the country from state-owned commercial bank’s channel, 8.82 million from specialised bank’s, 455.52 million from the private commercial bank’s (PCB) chanel and 9.90 million from the foreign commercial bank’s chanel.

Among the PCB channel, Islami bank received the highest remittance worth of $ 165.75 million. 

Bangladesh Bank permits banks in Bangladesh to establish drawing arrangements with Foreign banks and Exchange houses for facilitating remittance by Bangladeshi nationals living abroad.

Persons willing to remit their earnings through official channels can buy either Taka draft or US dollar draft from these Foreign banks and Exchange houses having drawing arrangements with different banks in Bangladesh.

Bangladeshi nationals living abroad can send Foreign Exchange very easily and directly to their own bank accounts maintained in Bangladesh or to their nominated person's / relative's bank accounts in Bangladesh.

Furthermore, recently banks have taken some major steps towards crediting the proceeds of remittances to the beneficiary's account promptly, maximum by 3(three) days.

News:The Independent  Bangladesh/24-Sep-2013