Remittances from KSA hit record high

Remittances from KSA hit record high

Bangladesh fetched its highest amount of remittances in one quarter, worth $ 1128.76 million, from Saudi Arabia during the July-October period of the current fiscal, reports UNB.

The statistics available from the central bank showed that remittances from Bangladeshi wage earners abroad stood at $4012.29 million during July-October, a growth of 10.5 per cent over the $3631.95 million during the corresponding period of the last fiscal.

The country’s remittances started showing a positive trend in October, registering 12.7 per cent growth to fetch $1039.48 million, compared to $923.85 million in October last year.
The central bank data showed that the 2nd highest receipts for the July-October period, of $731.38 million, were recorded from the United Arab Emirates (UAE), followed by $498.10 million from the USA, $400.48 million from Kuwait and $311.15 million from the UK.

Besides, remittance earnings totalled $251.12 million from Malaysia followed by $106.59 million from Italy, $ 114.91 million from Oman, $ 106.20 million from Qatar, $78.72 million from Singapore and $79.29 million from Bahrain.

After maintaining steady growth, Bangladesh’s remittance earnings from the Middle East (ME) countries dropped during the last fiscal, amid political unrest there and a freeze in manpower import.

A total of $7215.53 million in remittances was sent home by Bangladeshi workers from the eight ME countries in the previous fiscal year (2010-11), recording a slight fall of 7.09 million from the $7222.62 million sent during the corresponding period of the 2009-10 fiscal.

Bangladesh received $11650.32 million from the wage earners’ remittances in the 2010-11 fiscal, registering growth of 6.3 per cent. It received $10987.4 million in remittances in the 2009-10 fiscal.

The BB figures showed that during the last fiscal, Bangladesh received the highest amount of remittance amounting to $3290.03 million from Saudi Arabia, followed by $2002.63 million from the UAE, $1075.75 million from Kuwait, $334.31 million from Oman, $319.36 million from Qatar, $185.93 million from Bahrain, and $5.20 million from Libya.

Presently, about 70 lakh Bangladeshis are working in different countries of the world. Most of them are employed in the KSA, the UAE, Kuwait, Oman, Qatar, Bahrain, Libya, Malaysia, Singapore, Britain and America.

Bangladesh has witnessed a steady growth in remittance inflows over the last three decades, with the expansion of the overseas job markets for its nationals, especially in the ME countries.


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