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Bangladesh remittances rise 10 pct in 2011/12
Bangladesh remittances rise 10 pct in 2011/12 | Reuters
DHAKA, July 4 | Wed Jul 4, 2012 5:22pm IST
(Reuters) - Money sent home by Bangladeshis working abroad rose more than 10 percent to $12.85 billion in the financial year that ended in June, the central bank said on Wednesday.
Central bank governor Atiur Rahman told Reuters the government and central bank, along with commercial banks were seeking to make it easier for people to send money home, and he was hopeful of an increase in remittances of more than 10 percent in the current fiscal year.
"We have been very active and several exchange houses were opened, particularly in those countries where our expatriates live in big numbers," Rahman said, adding that more money was also being sent through regular commercial banking channels.
"We hope to achieve more than 10 percent growth in the current fiscal year," Rahman said.
The taka currency's sliding value against the dollar played big part in decisions by people over how much money to remit, according to another senior central bank official.
On Wednesday, the taka traded at around 81.81 to the dollar, more than 9 percent weaker than its year ago level.
Remittances from about eight million citizens working abroad are critical for the impoverished South Asian nation and are key sources of foreign exchange alongside garment exports which account for 80 percent of the total export earnings of around $25 billion a year.
Bangladesh received $11.65 billion in remittances from citizens overseas in the 2010-11 fiscal year, 6 percent more than in the previous year, but that was the slowest pace of growth in many years.
A majority of Bangladesh expatriates are employed in Middle Eastern countries and almost 60 percent of the remittances come from there. Rahman said the government was seeking to enable workers to go to more countries, notably Malaysia.
(Reporting by Ruma Paul; Editing by Simon Cameron-Moore)
Bangladesh remittances rise 10 pct in 2011/12 | Reuters
DHAKA, July 4 | Wed Jul 4, 2012 5:22pm IST
(Reuters) - Money sent home by Bangladeshis working abroad rose more than 10 percent to $12.85 billion in the financial year that ended in June, the central bank said on Wednesday.
Central bank governor Atiur Rahman told Reuters the government and central bank, along with commercial banks were seeking to make it easier for people to send money home, and he was hopeful of an increase in remittances of more than 10 percent in the current fiscal year.
"We have been very active and several exchange houses were opened, particularly in those countries where our expatriates live in big numbers," Rahman said, adding that more money was also being sent through regular commercial banking channels.
"We hope to achieve more than 10 percent growth in the current fiscal year," Rahman said.
The taka currency's sliding value against the dollar played big part in decisions by people over how much money to remit, according to another senior central bank official.
On Wednesday, the taka traded at around 81.81 to the dollar, more than 9 percent weaker than its year ago level.
Remittances from about eight million citizens working abroad are critical for the impoverished South Asian nation and are key sources of foreign exchange alongside garment exports which account for 80 percent of the total export earnings of around $25 billion a year.
Bangladesh received $11.65 billion in remittances from citizens overseas in the 2010-11 fiscal year, 6 percent more than in the previous year, but that was the slowest pace of growth in many years.
A majority of Bangladesh expatriates are employed in Middle Eastern countries and almost 60 percent of the remittances come from there. Rahman said the government was seeking to enable workers to go to more countries, notably Malaysia.
(Reporting by Ruma Paul; Editing by Simon Cameron-Moore)
