November remittances up 10pc year-on-year    

Money sent home by Bangladeshis working overseas in November rose 10 percent from a year earlier to $1.17 billion, the central bank said on Tuesday.

In July-November, the first five months of the 2014-15 financial year, Bangladesh received $6.19 billion in remittances, up 11 percent from the same period of previous year.

Remittances from its millions of citizens abroad are critical for the South Asian nation of 160 million people.

remittanceThe inflows are a key source of foreign exchange, alongside garment exports, which account for 80 percent of total export earnings of about $30 billion a year.

Bangladesh’s foreign exchange reserves slipped to $21.59 billion at the end of November from a record high of $22.31 billion the previous month, but were up 26 percent from a year earlier.

Bangladesh received $14.23 billion in remittances from citizens working overseas in the 2013/14 fiscal year that ended in June, down 1.6 percent from a year earlier.

Total inflows were worth $14.46 billion in the previous fiscal year.

A majority of Bangladesh expatriates are employed in Middle Eastern countries and almost 60 percent of the remittances come from there.