Saturday, June 22, 2024

Remittance inflow crosses $14b in FY 2012-13

The wage earners’ remittance inflow to Bangladesh crossed $14 billion for the first time in the just concluded fiscal year due mainly to an increasing trend in manpower export by the country in 2012.
Bangladesh Bank officials told New Age on Wednesday that the higher value of dollar against the taka in the majority months of the FY 2012-13 was another cause of the higher earning of remittance by the country.
According to the latest BB data released on Wednesday, the remittance inflow to Bangladesh increased by 12.59 per cent to Tk 14.46 billion in the FY 2012-13 compared with that of the previous fiscal year when the Bangladeshis had remitted $12.84 billion. The figure was $11.65 billion in the FY 2010-11.
Bangladesh Bank general manager Kazi Saidur Rahman told New Age that the inward remittance had increased in the concluded fiscal year as the central bank had organised a number of remittance fairs in different countries in a bid to encourage the expatriates to send more remittance in banking channel instead of illegal way.
The increased trend in manpower export by Bangladesh played an important role in earning remittances in the period, he said.
According to expatriates’ welfare and overseas employment ministry, the country exported 6.07 lakh people in 2012 against 5.68 lakh in 2011.
Moreover, the BB permitted banks to open their exchange houses in different countries that pushed up the remittance inflow.
The BB data, however, showed that the remittance inflow in June was the lowest on monthly basis in the FY 2012-13.
Besides, the remittance inflow in May also posted a poor amount than the previous months of the FY 2012-13. The remittance inflow in June and May was $1.05 billion and $1.08 billion respectively.
Another BB official said the value of dollar had declined significantly against the taka in the second half of the FY 2012-13 which discouraged the expatriate in sending foreign exchange to the country.
The BB data showed that the value of dollar had decreased by 2.50 per cent between June 30, 2013 and December 31, 2012. The greenback was quoted at Tk 77.75 in the inter-bank forex market on June 30 against Tk 79.75 on December 31.
Under the circumstances, the central bank purchased a record amount of greenback worth $5.11 billion from the local bank in the last fiscal year to stop the devaluation of the dollar.
For this reason, the country’s foreign exchange reserve stood at $15.32 billion on July 3, 2013.
The official said that the recent spates of political violence had also discouraged the expatriates in sending remittances.
‘The political unrest squeezed the scope of investment in the last few months resulting that the expatriates are now reluctant to send remittance.’
He feared that the inflow of remittance would decline more in the months to come if the situation persists.
The private commercial banks received $659.15 million in remittances in June, state-owned commercial banks $371.66 million, foreign commercial banks $14.70 million and specialised banks $12.11 million.
In June, Islami Bank Bangladesh received the highest remittance, $259.80 million, among the PCBs, while Agrani Bank received the highest remittance, $128.71 million, among the SCBs, showed the BB data.

-With New Age input

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