Bangladesh remittances jump 16.5 pct in 2012

DHAKA Sat Jan 5, 2013 4:40pm IST

DHAKA Jan 5 (Reuters) - Bangladesh received a record high $14.17 billion in remittances from citizens working overseas in 2012, 16.5 percent up on 2011, despite a cooling global economy, a senior central bank official said on Saturday.

Remittances brought in $12.165 billion in 2011.

"The country received almost 17 percent more money from the expatriates despite economic slowdown both in the U.S.A. and countries in the European Union," said Hassan Zaman, Chief Economist of the Bangladesh Bank.

"Undoubtedly it is a cushion (for) much needed foreign exchange reserves," he told Reuters.

Overseas recruitment in 2012 grew 22 percent as around 691,402 job seekers went abroad in 2012, up from 567,505 in 2011, according to the central bank.

It has asked all the 15 commercial banks who have exchange units outside the country to make sure their currency rates encourage expatriates to use legal methods of sending money home, Zaman said.

Remittances from about nine million citizens working abroad are critical for the impoverished South Asian nation, which otherwise depends heavily on garment exports which account for 80 percent of its $25 billion a year export earnings.

Remittances helped boost the country's foreign exchange reserves to $12.75 billion in December 2012, from $9.63 billion in December 2011. (Reporting by Serajul Quadir; Editing by Ruth Pitchford)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

School Shooting

School Shooting

Two killed, four wounded in Washington state school shooting.  Full Article 

Sundar Pichai Elevated

Sundar Pichai Elevated

Google's Pichai to oversee major products and services.  Full Article 

Need For Reforms

Need For Reforms

Euro zone risks "relapse into recession" without structural reforms - Draghi.  Full Article 

Diwali Sales

Diwali Sales

Gold sales jump about 20 pct for Diwali - trade body  Full Article 

World Bank Rival

World Bank Rival

Three major nations absent as China launches W.Bank rival in Asia  Full Article 

Wal-Mart India

Wal-Mart India

Murali Lanka appointed as Wal-Mart India operations chief  Full Article 

Health Of Lenders

Health Of Lenders

25 European banks set to fail health checks - sources.  Full Article 

Special Report

Special Report

Why Madrid's poor fear Goldman Sachs and Blackstone  Full Article 

India Insight

India Insight

Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw”  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage