Friday, 8 June 2007

BANGLADESH: Remittance set to cross $ 6b this fiscal year

Star Business ReportWith a continuous growth in remittance in the last four months, the country's remittance inflow is set to cross US$ 6 billion this fiscal year.
The non-resident Bangladeshis (NRBs) already sent $ 5.46 billion during the July-May period of this fiscal year (2006-07) compared to $ 4.37 billion during the same period of the previous fiscal year, recording around 25 percent growth.
Such a rise in the remittance also helped the country's foreign exchange reserve to hit $ 4.48 billion yesterday.
The remittance inflow reached $ 561.92 million in May, $ 545.93 million in April, $ 537.29 in March and $ 500.32 million in February of this fiscal year.
Bankers said the government's recent measures against 'hundi', an illegal way of money transfer, encouraged the Bangladeshi wage earners to send money home through legal channels. [Read more]

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