However, the remittance amount received in February this year, was almost same in the corresponding period of last year, according to Bangladesh Bank data released yesterday. The expatriate Bangladeshis sent home $2.42bn as remittance in the first two months of this year, which was slightly lower than $2.43bn in the same period of the previous year.
A fall in manpower export in the global market also played a vital role in slower remittance inflow for the last two years, Bangladesh Bank observed. The remittance inflow from middle-eastern countries has also fallen in one and a half year. Remittance inflow from middle-eastern countries fell 23.38% in October last year, according to the central bank data.
The remittance inflow from Europe increased 10% in the fiscal year of 2013-14 compared to the previous fiscal year. Bangladesh’s foreign exchange reserve has surpassed the $23 billion mark because of the “stable inflow of remittance.” Import of capital machinery has experienced sharp fall in January due to the ongoing political unrest started since the beginning of the year.
The LC (letter of credit) settlement value against capital machinery import dropped to $176m in the first month of the new year compared to $258m in December last, according to Bangladesh Bank data. The overall LC settlement value dropped 7.54% year-on-year during the month, according to the data. The LC opening value also declined by 7.25% in January compared to same period of the last year and 8.54% compared to previous month. The country’s foreign currency reserve was $21bn in June, $19bn in February last year and $18bn in December 2013. –Source: Daily Star