Remittance rebounds in November

Remittance in November rose 14.7 percent to $1.17 billion from the previous month on the back of legalisation of migrant workers in Saudi Arabia.

November’s receipts were over 10 percent higher than in the same month a year ago, according to data from Bangladesh Bank, reports the Daily Star.

remittanceBanks’ active role in remitting money from expatriates had also contributed to the growth, said Kazi Saidur Rahman, general manager of BB’s foreign exchange reserve and treasury management department.

The appreciation of the dollar against the local currency during the last week had an insignificant role in rising November’s remittance.

Remitters are now getting Tk 78.5 per US dollar, up Tk 1 or more from last week’s rates.

“We saw a sudden rise in demand for the greenback that pushed its price up last week,” said a treasury official of a private commercial bank.

The country received nearly $6.2 billion in remittances during the July-November period, up 11.42 percent year-on-year.