Remittance inflow crossed $14b in 2012Staff Correspondent
Remittance inflow increased by 16.49 per cent to $14.17 billion last year compared with that of 2011 thanks to significant appreciation of the dollar against the taka during the period, said Bangladesh Bank officials.
The central bank data released on Wednesday showed that migrant Bangladeshis had sent about $14.17 billion in remittance in the year 2012 against $12.17 billion in 2011.
The inward remittance inflow in December also increased by 12.03 per cent compared with that of the corresponding month in 2011.
The inflow in December last year stood at $1,285.30 million against $1,147.22 million in December 2011.
The BB data showed that the exchange rate of the taka against the dollar had declined by Tk 12 to Tk 13 over the months of January and February in 2012.
In February, the rate of local currency against dollar was between Tk 84 and Tk 85 compared with about Tk 71.15 to Tk 71.30 in February 2011.
Under the circumstances, the expatriates were encouraged to send more money home, a BB official told New Age on Wednesday.
BB data, however, showed that the dollar had depreciated significantly in the last month as it was quoted at Tk 79.75 2 on December 24 against Tk 81.26-Tk 81.37 on December 2.
The official said that the central bank had been trying to stop depreciation of greenback during the last few months to earn uninterruptedly export earning and inward remittances.
As part of the move, the BB purchased more than $2 billion from the local banks in the first six months of the current financial year, he said.
Another BB official said that the amount of inward remittance had increased in the current financial year as a large number of people went abroad and they were sending more money through legal channels as the banks had opened numerous oversees windows to attract remittance inflow.
He said the central bank’s effort to encourage expatriates to send money through formal banking channels instead of the illegal ‘hundi’ system also boosted the remittance inflow.
The Islami Bank Bangladesh had received the highest amount of remittance in December last, $353.04 million, among the commercial banks.
Among the state-owned banks, the Sonali Bank received the highest amount, $153.52 million, in remittance from the expatriate Bangladeshis.
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