Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, February 16, 2019 04:18:11 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

BD records lowest remittance in recent yrs

By bdnews24.com
06th-Mar-2017       
Comments
Share your thought
Post a comment »
Read all () »

Expatriate Bangladeshis have remitted $936.2 million in February, the lowest in a month in last five years.
The previous record low was $900 million in November 2011.
The downward trend began late last year when the monthly flow of remittance dropped below the $1 billion mark in November and December last year to $951 million and $958 million respectively, according to remittance data updated by the Bangladesh Bank released on Thursday.
The remittance increased to a little over the mark of $1 billion in January but dropped again in February.
The amount of remittance Bangladesh received in February last year was more than $1.13 billion. The amount received the same month this year is 17.6 percent less than that of last year's February.
The remittance received in the first eight months (July-February) of the fiscal year also dropped by 17 percent.
The expatriates remitted $8.11 billion in the period this financial year, a drop from $9.77 billion the same period in the last fiscal.  
Worried about the downward trend of remittance flow, Finance Minister AMA Muhith has blamed the 'weakened economies' of Middle-Eastern countries where the most expatriates live and work.
"The oil prices have not increased much. So, the workers there are earning less. The salary of many working there has dropped; many have lost jobs. That's why the flow of remittance has dropped," he said. Bangladesh Institute of Development Studies (BIDS) research director Zaid Bakht told bdnews24.com that "devaluation of foreign currencies like British pound, euro, Malaysian Ringgit, Singapore Dollar to US Dollar for the drop in remittance."
"Because of the currency devaluation, we are getting less in Bangladeshi taka against the earnings of our workers' in these countries," he said. The central bank is also concerned over the issue.
After several meetings with the commercial banks, it has decided to send two delegations to the Middle-East, Singapore and Malaysia to investigate the situation. In 2016, the expatriates sent home $13.61 million in 2016, which is 11.16 percent less than $15.32 billion of 2015. Bangladesh saw the downward trend in remittance for the first time in 2013. The expatriates sent $13.83 billion that year, a 2.39 percent drop from 2012.
The flow of remittance grew by 7.88 percent in 2014. The amount was $14.92 billion that year. The remittance flow grew again in 2015; by 2.68 percent.
Finance Minister Muhith, in a recent report placed in Parliament on implementing the budget in the first quarter of 2016-17 fiscal year, said the number of Bangladeshis sent abroad for work from December 2015 to June 2016 was significant, but it could not help improve the remittance situation.
He said, the flow of remittance 'may have dropped' due to slow recovery by the developed countries from the economic recession, drop in oil prices leading to the economic standstill in the Middle-East and devaluation of US dollar against Taka. According to him, 58 percent of the remittance Bangladesh receives comes from six Middle-East countries. "I hope the flow of remittance from these countries will normalise when the oil prices get normal," he said.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Save the Sunderbans to save the Royal Bengal Tigers


FOR the constant rise in sea levels and rapid climate change, the famous Royal Bengal Tigers of the Sunderbans could be disappeared within 50 years, especially from the Bangladesh part, according to a new study published recently in the journal Science of The Total Environment. A team of Bangladeshi and ...

City »

Members of RAB-2 nabbed one on Friday from Narayanganj for taking money from government officials from different areas in the country impersonating Anti-Corruption Commission official.


.

Cricket »

Feels like it`s a blessing to just be playing again: Steyn


Agency :Dale Steyn, the South African mainstay, continued to impress on his comeback trail, as he bowled at high pace and picked up four wickets over a long spell on Day 2 of the first Test of the two-match series versus Sri Lanka in Durban.The veteran fast bowler bowled at ...

Entertainment »

Shanta Jahan feels comfortable in hosting


Sheikh Arif Bulbon :Popular host of present time Shanta Jahan has to be engaged with hosting round the year in and outside the country in different stage shows and TV programmes. Besides hosting, she has more identities. She is also a model and TV actress. But she always feels comfortable ...

International »

Trump heavier, but in ‘very good health’: Doctor


AFP, Washington :President Donald Trump is a little heavier than last year and needs a higher dose of cholesterol medicine, but remains in "very good health," his official doctor said Thursday.The presidential physician, Sean Conley, said Trump, 72, passed his medical exam last week with flying colors."It is my determination ...

Cricket »

It was difficult to hit through the line of the ball in Napier: Guptill


Martin Guptill is happy to work his way through the travails of a slow Napier pitch and score an ODI hundred, which helped New Zealand beat Bangladesh by eight wickets in the opening game of the three-match series. The hosts had notably lost the ODI against India here couple of ...

International »

Taliban announces surprise talks with US in Pakistan


PTI, Islamabad :The Taliban said Wednesday that its negotiators would meet US envoys for talks this month in Islamabad, and also sit down with Pakistan Prime Minister Imran Khan to discuss Afghanistan.While Islamabad did not immediately confirm the talks, Washington said it had "noted" the announcement, which comes after weeks ...

International »

Judge finds Manafort lied to investigators in Russia probe


AP, Washington :Former Trump campaign chairman Paul Manafort intentionally lied to investigators and a federal grand jury in the special counsel's Russia probe, a judge ruled Wednesday.U.S. District Judge Amy Berman Jackson's decision was another loss for Manafort, a once-wealthy political consultant who rose to lead Donald Trump's 2016 campaign ...

Editorial »

Myanmar`s provocation: Dhaka should deal with the issue delicately


YET again Myanmar has shown Saint Martin's Island of Bangladesh as of its part in the official map. Protesting it, Dhaka on Thursday summoned Myanmar Chargé d'affaires and handed over a strongly worded protest note also expressing serious dissatisfaction over repeating such false claim, and demanded immediate corrective measures. Director ...

City »

40 personnel receives Coastguard awards


Staff Reporter  :A total of 40 personnel of Bangladesh Coastguard have been awarded for the prestigious 'Bangladesh Coastguard Award', 'President Coastguard Award', 'Bangladesh Coastguard (service) Award' and 'President Coastguard (service) Award' this year for best performance in their duties. Home Minister Asaduzzaman Khan Kamal handed over the awards to them ...

Entertainment »

Adah hits bull`s eye with her gun for Valentine`s Day and the video goes viral


Did you know Adah Sharma is a trained sharp shooter? The Commando 2 actress shared a Valentine’s Day video breaking hearts, shooting them and didn’t miss even one target. Check out how with ease she picks up 5kg rifles and hits all 5 targets in less than a minute, with ...

Editorial »

None should create abnormal situation in apparel sector


AROUND 11,000 apparel workers of 99 factories in Dhaka, Ashulia, Savar, Gazipur and Narayanganj have so far been fired and 3,500 others have been implicated in 34 cases for their participation in the movement held in January demanding proportionately wage hike, according to the IndustriAll Bangladesh Council (IBC), a platform ...

Football »

Sala's body to be returned to Argentina on Friday


Argentine footballer Emiliano Sala's body is to be returned to Argentina on Friday, the mayor of his hometown of Progreso, Julio Muller, told AFP Tuesday.Sala's body was recovered from plane wreckage in the English Channel last week. He was flying to his new team, English Premier League side Cardiff City, ...

Cricket »

BD lose to NZ in 1st ODI


Sports Reporter :Bangladesh lost to New Zealand by eight wickets in the first One Day International (ODI) match at Napier in New Zealand on Wednesday.Electing to bat first, Bangladesh scored 232 off 48.5 overs.In reply, New Zealand reached the winning target making 233 for the loss of two wickets when ...

International »

Trump says not `happy` with border deal but shutdown unlikely


President Donald Trump indicated Tuesday that he will walk back his threat to shut the government even if he does not get all the money he has demanded for building a wall along the US-Mexican border.Although Trump left enough wiggle room to keep the country guessing, he appeared to be ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news