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Bangladeshi expatriates of the Kingdom of Saudi Arabia (KSA) sent over 17 percent or US$2,591.58 million of the total inflow of remittance $14,978.86 million in the outgoing fiscal 2017-18, reports BSS
“The flow of inward remittance, including Saudi Arabia, bounced back in FY18 since Bangladesh Bank (BB) took some measures to streamline the legal channel for encouraging the non-resident Bangladeshis (NRBs) to send home money,” BB Deputy Governor Abu Hena Mohammad Razee Hassan told BSS.
According to available data of the central bank, Bangladesh received $3,345.23 million remittance from the KSA in 2014-15 fiscal, $2,955.55 million in 2015-16 fiscal and $2,267.22 million in 2016-17 fiscal.
In FY18, Saudi Arabia is followed by the United Arab Emirates (UAE) as NRBs residing in the gulf country remitted $2.428.06 million.
Both the countries in the Middle-East constantly maintain their highest position in sending remittance by Bangladesh expatriates. As per the central bank data, Bangladesh received $2093.54 million from the UAE in the FY17.
The data showed, Bangladesh received $1,997.49 million remittance from the USA in FY18 while $1,199.70 million from Kuwait.
In the same period, Bangladesh received remittances of $1,107.21 million from Malaysia, $1,105.55 million from the UK, $958.19 million from Oman, $844.06 million from Qatar, $662.22 million from Italy, $541.62 million from Bahrain, $330.16 million from Singapore, $153.15 million from South Africa and $134.40 million from France.
The total inflow of remittance has also increased by $2,209.41 million or 17.30 percent in FY18.
The country received $12,769.45 million remittance in 2016-17 fiscal. In 2015-16 fiscal, the amount was $14,931.18 million while the Bangladeshi expatriates sent $15,316.91 million in 2014-15 fiscal.
Razee Hassan said the flow of remittance indicates that it is gradually increasing and this trend is likely to continue in the 2018-19 fiscal.
According to the BB data, the country received $1,381.55 million in June, $1,504.98 million in May, $1,331.33 million in April, $1,299.77 million in March, $1,149.08 million in February, $1,379.79 million in January, $1,163.82 million in December, $1,214.75 million in November, $1162.77 million in October, $856.87 million in September, $1,418.58 million in August and $1,115.57 million in July in the outgoing 2017-18 fiscal.