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Bangladesh's remittance inflow dips to 14.23 bln USD in 2013-14 fiscal year

English.news.cn   2014-07-06 22:57:01

by Naim-Ul-Karim

DHAKA, July 6 (Xinhua) -- The inflow of remittances by millions of non-resident Bangladeshis in the 2013-14 fiscal year concluded in June reached 14.23 billion U.S. dollars, an official said Sunday.

"The flow of inward remittances in the 2013-14 financial year ( July 2013-June 2014) fell about 1.61 percent to 14.23 billion U.S. dollars," the Bangladesh Bank (BB) official told Xinhua.

The official who preferred to be unnamed said the inflow of remittance, one of the key sources of foreign exchange for the impoverished country, reached 14.46 billion U.S. dollars in the previous 2012-13 (July 2012-June 2013) fiscal year.

Sources said the decrease in total inflow of remittance were due mainly to sluggish overseas employment and political instability surrounding the country's Jan. 5 national elections.

Bangladesh Bank Governor Atiur Rahman said the growth in inflow of remittances was significantly dented during the first half of the fiscal year 2013-14 mainly due to sluggish overseas employment.

Political instability in the country also played a role, he said.

The BB official said continuous fall in fresh overseas employment for Bangladeshis in the recent years virtually dealt the blow to the inflow of remittances which recorded a fall first time in 13 years.

Quoting the Bangladesh Bureau of Manpower Employment and Training (BMET) data, the official said that some 96,068 people found jobs abroad in the first three months until March against 107,626 in the same period of last year.

The country also suffered a blow in 2013 when some 409,253 Bangladeshis found jobs abroad, down from 607,798 in 2012, he said.

Although remittance inflows from nearly 9 million Bangladeshis, living and working in about 100 foreign countries, recorded a fall in the 2013-14 fiscal year, the growth rates in the final month of the last fiscal showed an upward trend.

The inward remittance registered 21.6 percent growth in June compared with the same month a year ago following restoration of political stability in Bangladesh in the second half of the fiscal year, said the official.

He said millions of non-resident Bangladeshis remitted home in June 1.21 billion U.S. dollars.

Over the last few years until 2009-2010 fiscal, the country's remittance growth hovered around 15-30 percent.

Most of the remittances come from Saudi Arabia, the United Arab Emirates, the United States, Kuwait, Britain, Malaysia, Oman, Qatar, Singapore, Bahrain, Italy and Australia, showed the BB data.

According to the central bank of Bangladesh, remittances now stand at around 10 percent of the country's GDP or gross domestic product, rising from 5 percent of GDP in the beginning of 2000s.

Editor: An
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