Remittance inflow from six countries significantly decreased in the recently concluded fiscal year compared with that of the FY 2011-12, according to Bangladesh Bank data released on Wednesday.
The BB and commercial bank officials told New Age that the ongoing financial recession in the European countries and an increasing trend in money supply through illegal channels were the main causes of the decreasing trend in the inward remittances from abroad.
The expatriate Bangladeshis in 18 countries usually send the highest amount of remittance.
The six of the 18 countries, which posted a lower inward remittance in the FY13 than the previous fiscal year, are Qatar, Kuwait, Germany, Japan, Italy and Hong Kong.
The BB data showed that the remittance inflow from Qatar had decreased to $ 286.89 million in the FY13 from $ 335.26 million in the FY12, that of Kuwait $ 1.18 billion from $1.19 billion, that of Germany $ 25.81 million from $ 34.99 million, that of Japan $ 21.18 million from $ 22.16 million, that of Italy $ 233.23 million from $ 244.75 million and Hong Kong $ 19.54 million from $22.64 million.
The other 12 countries, however, posted a robust amount of remittance in FY13 than the previous fiscal year.
The countries are Kingdom of Saudi Arabia, United Arab Emirate, Oman, Bahrain, Libya, Iran, United States, United Kingdom, Malaysia, Singapore, Australia and South Korea.
The BB data showed that the remittance inflow to Bangladesh had increased by 12.59 per cent to $ 14.46 billion in 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.
A BB official said that the remittance inflow from Japan and Italy had decreased in the FY13 due to the ongoing economic recession in the European Zone.
The country could not export manpower to Kuwait since 2007 resulting that the remittance inflow from that country declined in the FY13, he said.
Association of Bankers, Bangladesh chairman Nurul Amin told New Age on Wednesday that the labour export to Japan and Hong Kong decreased in the concluded fiscal year causing lower inflow of remittance from the countries.
When asked why the inward remittance decreased from Qatar despite an increased trend in manpower export in last few fiscal years, he predicted that the expatriate Bangladeshis might remit the money through illegal channel like Hundi instead of banking channel.
Amin, also managing director and chief executive officer of the NCC Bank, said, ‘A good number of expatriate Bangladeshis were now thinking to be permanent in the foreign countries. For this reason, they are reluctant to send remittance to the country.’
-With New Age input
