Remittance buoyant
Remittance flow to Bangladesh remains buoyant as migrant workers sent home over $2 billion in the first two months of the current fiscal year, allaying fears of a slowdown.
Remittance inflow weathered impacts of crisis in the Middle East to grow more than 13 percent in July and August, fetching $1,015.58 million and $1,078.15 million respectively.
Bangladesh received $857.31 million and $963.92 million in July and August respectively in the previous fiscal year, when migrant workers sent home a total of $11,650.31 million in remittances.
In August this year, state-run commercial banks brought in $308.4 million, specialised banks $10.09 million, private commercial banks $751.58 million and foreign commercial banks $8.07 million.
The upward trend in the remittance flow will help the country ease pressure on the current account balance, which is under pressure due to high import cost.
The trend could also help dispel fears that Bangladesh's foreign currency income through remittance will be hit hard by the crisis in the Arab world, which is the major destination for the country's 70 lakh migrant workers.
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