Remittances cross 4-billion-USD mark in Bangladesh

The remittance inflow in Bangladesh crossed the 4-billion-U.S. dollar mark in the first nine months of the current fiscal, showing a 25-percent increase from that of the corresponding period of last fiscal, according to the Bangladeshi central bank.

The Daily Star quoted central bank statistics as reported on Friday, the non-resident Bangladeshis (NRBs) sent 4.36 billion dollars in the first nine months of financial 2006-07 (July 2006- June 2007) against 3.48 billion dollars during the same period in the last fiscal.

The remittance reached 537.78 million dollars in March.

The daily quoted bankers as saying that the government's recent measures against hundi, an illegal way of transferring money, encouraged the Bangladeshi wage earners to send money home through legal channels.

Besides, a considerable number of skilled manpower that were recently exported to some countries are also remitting a handful amount of their salary.

The private commercial banks have also taken different initiatives to increase their earnings from remittance services, which is ultimately helping the country in witnessing a huge remittance inflow, the daily said.

The NRBs send roughly 7 billion dollars every year and a significant amount of the total amount still comes through "hundi".

The bankers hope there is still a good chance to see further rise in remittance inflow through official channels.

"Some private banks are marketing their remittance services very aggressively and providing quick and secured services to the clients and also encouraging the Bangladeshi wage earners to send their money through legal channels," the daily quoted a banker as saying.

The central bank also continues its efforts to encourage the NRBs to send their money through official channels.

Source: Xinhua