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Country receives highest remittance in July

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Staff Reporter
The highest remittance from the expatriate Bangladeshis living abroad was received in July 2014 setting a new record in the country’s history of foreign exchange earning.
According to Bangladesh Bank data, the country received total remittance of US$1.482 billion in July, marking a 19.69 percent growth compared with the remittance earnings in July 2013 ($1.238 billion).
The central bank statistics also revealed that in last seven (7) months since January 2014, expatriate Bangladeshis have sent a total of $8.938 billion showing a 7.71 percent growth compared with the 7-month earning of 8.297 billion in 2013. From January-December (12 months) in 2013, the total remittance earning was $13.831 billion.
In the year 2014, the country received $1.260 billion in January, $1.173 billion in February, $1.288 billion in March, $1.230 billion in April, $1.215 billion in May, $ 1.286 billion in June and $1.482 billion in July.
Officials at the Bangladesh Bank said the sending of extra remittance on the occasion of Eid-ul-Fitr might be a big reason behind the major upward trend of remittance inflow in July this year.
Normally, the country receives relatively higher remittance from non-resident Bangladeshis (NRBs) ahead of Eid festival, said a central bank official. This is a new record in receiving remittance in a single month.
In remittance earning, among the 56 banks, the 4 state-owned banks received $649.64 million, the 4 specialized state-owned banks received $ 17.91 million while the 39 private banks received $976.50 million, and 9 foreign banks got $18.35 million in July 2014.
Among the state-owned, private and foreign banks, Islami Bank Bangladesh Limited (IBBL) topped the list of remittance earning receiving $377.64 million in July. State-owned Agrani Bank followed with $161.52 million.
Another private bank, National Bank Limited (NBL) received the third highest remittance of $71.88 million.