Bangladeshi expatriates living in the Kingdom of Saudi Arabia (KSA) sent over 17 per cent, or US$2,591.58 million of the total inflow of remittance $14,978.86 million in the outgoing fiscal 2017-18 (FY18), according to 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.