Remittance inflow marks record

Posted: ফেব্রুয়ারি 3, 2009 in Remittances

In January a record $865 million remittance flowed into the country to mainly pay for the national and upazila election expenditures and to bear the applicants’ security money for residential plots in the Uttara and Purbachal projects of Rajuk.

Earlier in July last year, $820 million in remittance came in, which was the highest in a single month. Remittance marked a 29 percent rise in the July-January period of the current fiscal year reaching $5,369.98 million, which was $4,151.25 million in the same period last fiscal.

The World Bank and the government apprehended an adverse impact of the global financial crisis on remittance inflow. But until now, there have been no negative impacts on remittance.

Bangladesh Bank sources said as the Bangladeshi workers abroad fall in the low-income group, the impact of the world financial meltdown will not be so severe on the country.

Explaining the high inflow of remittance in January, they said many expatriates sent money home for polls spending and many others deposited security money while applying for Rajuk plots in Uttara and Purbachal projects. Another probable cause may be that the foreign exchange earners feel it will be more secure to send money home rather than keeping it abroad due to the global financial crisis.

A BB official said the remittance inflow is good, and although there is a huge pressure on import expenditure, the forex reserve is still satisfactory. Yesterday the foreign currency reserve was $5,555.78 million.

The daily star 04.02.2009

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