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Remittance to Bangladesh accelerates to record $1.48 billion in July
Publication Date : 05-08-2014
Migrant workers last month sent home $1.48 billion, the highest inflow of remittance in a single month in Bangladesh's history.
The record flow of remittance could be attributed to celebrations of Eid-al-Fitr in the last week of July, the country's biggest festival.
The amount is 15.19 per cent higher than in the previous month and 19.67 per cent from July last year, the central bank said in a statement yesterday.
Last month's receipts surpassed October 2012's $1.45 billion, the highest for a single month previously.
The record flow of remittance in the first month of the new fiscal year could help policymakers breathe a sigh of relief, after negative growth in the last fiscal year.
Inward remittance fell 1.6 per cent in fiscal 2013-14, the first decrease in 13 years.
The fall in remittances stemmed from a combination of factors which includes fewer migrants finding jobs in the Gulf countries, more migrants returning home due to departures and deportations, and the appreciation of the Bangladesh taka against the dollar.