Remittance growth springs back in Aug

Remittance bounced back in August from a year earlier, much to the relief of the central bank.

Remittance increased 1.71 percent year-on-year to $1.19 billion in August, according to data from Bangladesh Bank. 

However, August's amount is 14.39 percent lower than the sum received in the previous month.

In July, inward remittance was 3.47 percent lower than the receipts in June.

In its monetary policy statement, the central bank said it expects remittance growth to be 10 percent this fiscal year.

The flow of remittance increased 7.64 percent year-on-year last fiscal year.

Eyeing the ensuing Eid-ul-Azha festival, migrant workers have already started sending in money to their relatives back home and it is expected to rise further in September.

For the same reason, the remittance growth was negative in July, said a BB official: the migrant workers already remitted the amount in June in preparation for Eid-ul-Fitr.

Manpower exports have increased slightly in recent times and there is a possibility of a large group going to Malaysia over the next few months, said the central bank official.

Besides, manpower exports to Qatar and Oman are on the rise, he added.

Between January 1 and September 2 this year, some 333,382 workers left for jobs abroad. Last year, 425,684 persons went abroad with employment.

In the first eight months of 2015, manpower exports reached 78 percent of the numbers achieved last year. In the remaining four months, the numbers might hit 5 lakh, the official said.

Given the context, BB is hopeful of hitting this year's remittance target.