Remittance falls 19pc in Oct

The inflow of remittances fell about 19 percent to $1.09 billion in October from the previous month, Bangladesh Bank (BB) data shows.

However, remittances grew 6.83 percent year-on-year in October. BB data shows the inflow of remittances stood at over $5.02 billion in the July-October period, down by just $7 million from the corresponding period a year ago.

The central bank expects remittances to grow this fiscal year, riding on increased manpower exports.

During July-August period of the current year, the number of Bangladeshis going abroad for jobs increased by 22,737 or over 36 percent compared to the same period in the previous year.

Migrant workers remitted over $15.31 billion in fiscal 2014-15, up from $14.23 billion a year ago.

Remittance, sent by more than eight million migrant workers abroad, plays a critical role in the economy, helping reduce the overall incidence of poverty and maintaining a healthy balance of payments.