Remittance flashes 17pc growth in Feb

Remittance flashes 17pc growth in Feb
Anayetur Rahaman

Bangladesh received US $ 974.46 million remittance in February compared to US $ 827.46 million in the same period a year ago, recording a 17.69 percent growth.

The total remittance received in first eight months of the current fiscal year stood at US $ 7.5 billion against $ 7.31 billion in the same period a year earlier, marking a rather stability and slight growth in remittance inflow into the country.

An official of Bangladesh Bank (BB) said the remittance sent by the migrant workers were channeled through four state-owned commercial banks (SCBs), two specialised banks, 30 private commercial banks and nine foreign commercial banks.

Islami Bank Ltd channeled the highest amount of remittance worth $ 238.49 million among the participating banks.

State-owned Sonali Bank secured the second position in channeling wage earners’ remittance of US $ 100.73 million in February.

Four state-owned commercial banks – Sonali, Rupali, Agrani and Janata Bank handled US $ 268.33 million remittance in the same period while 30 private commercial banks channeled another US $ 681.62 million.

Two specialised banks- Bangladesh Krishi Bank and BASIC Bank Ltd, assisted US $ 14.94 million remittance to come home while the foreign commercial banks helped to channel US $ 9.57 million.

Kingdom of Saudi Arabia (KSA), United Arab Emirates (UAE), ,Kuwait, United States and the United Kingdom were the largest remittance sending nations to Bangladesh.

Beside these top five sources, Malaysia, a new destination for Bangladeshi workers, is contributing a handsome amount to the remittance flow to the country to hold the sixth position in respect of remittance sending.

In fiscal 2009-2010, the country’s economy received around US $ 11 billion from wage earners working abroad, posing a 13.4 percent growth compared to the previous fiscal.

The top six remittance sending countries contributed 83.76 percent of the total remittance to Bangladesh in the fiscal.

Over 6 million Bangladeshi migrants are currently working in different countries, mostly in Saudi Arabia, United Arab Emirates, Kuwait, Oman, Qatar, Bahrain, Malaysia, Singapore and Libya.

Bangladesh maintained a steady growth in remittance inflow with the growing number of Bangladeshis workers going abroad over the last three decades.


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