Remittance highest in six months

Non-resident Bangladeshis sent home $1.33 billion in March, the highest in six months, as migrant workers are finding jobs abroad in large numbers, according to Bangladesh Bank.

The amount is 12 percent more than in the previous month and 3.41 percent more than a year ago. March's receipts take the fiscal year's total to $11.25 billion so far, which is a year-on-year increase of 7.21 percent.

A huge increase in manpower export has driven the remittance growth, which may pave the way for earning more foreign currency in the coming months. 

Bangladeshis going abroad for jobs rose 29 percent to 45,319 in March compared to February, according to figures from the Bureau of Manpower, Employment and Training (BMET), the state agency which helps locals find employment overseas.

The migrant workers have mostly found jobs in Oman, Qatar and Singapore, as the construction sector has revived in the countries, said a BMET official.  

Remittance, sent by more than eight million migrant workers abroad, plays a critical role for Bangladesh, helping the country reduce the overall incidence of poverty as well as maintain a healthy balance of payments.

Last fiscal year, the country received nearly $14.23 billion in remittance. In the whole of 2014, the country saw some $15 billion in remittances flow into the country, making it the world's eighth-largest remittance corridor, according to the World Bank.

Average remittances to receiving households are twice per capita income and equivalent to almost 80 percent of receiving household's income, providing evidence of the vital importance of remittance to Bangladesh's economy, the WB said. Riding on the steady flow of remittance, the foreign exchange reserves crossed a record $23 billion earlier this week, enough to cover the country's import bills for more than six months.

As of yesterday, foreign exchange reserves stood at $23.18 billion.