1.1 billion dollar remittance in one month


1.1 billion dollar remittance in one month
Author / Source : Staff Reporter

Dhaka, Jan 2: The country received $1.1 billion remittance in December, 2011 from non- resident Bangladeshis amid the prevailing global economic crisis, according to data of Bangladesh Bank.

The amount is the highest ever the country received in a single month. The previous highest record was $1102.98 million in March, 2011.

The remittance earned in December 2011 was 25.92 per cent higher than that of November the same year and 18.09 per cent higher than that of December 2009, the BB statistics shows.

During the first half of the current fiscal, the total remittance stood at $6 billion ($6065.56m) while the total amount of remittance in the year 2011 was $12 billion or $12,165.25 million, according to the central bank data.

The amount earned through remittance in the year 2011 ($12,165.25 million) was 10.55 per cent higher than that of the year 2010 ($11004.73 million).
It crossed $11 billion ($11650.31m) mark in fiscal 2010-2011.

In July, the country received remittance worth $1015.58 million, $1101.79mn in August, $855.44mn in September, $1039.48mn in October, $908.79mn in November and $1144.38mn in December this year.

The data show that the lowest remittance inflow was recorded in September with only $855.44mn.

According to a central bank report titled the ‘Achievement in the banking sector in the last three years of the present government’, the remittance received in the last three years was about $31.8 billion against $9.6 billion that came during 2002-2004, posting a 332 per cent growth.

The foreign currency reserve stood at $10.91 billion in fiscal 2010-11 while it was $2.71 billion during the fiscal 2003-04.

Economists said the money sent by the expatriates played a major role in alleviating poverty.

Inward remittance rebounded in October on the eve of Eid-ul-Azha, as it increased by 23 per cent over that a month ago, according to data provided by the central bank.
Remittance inflow dropped significantly in September compared to that of August last year.

In the first four months of the current fiscal year, remittance inflow marked a rise by 11.72 per cent to $4 billion over the same period of the previous fiscal year, according to the central bank data.


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