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Jakir Khan

ID: 110170201
Bangladesh's remittance income from U.S. plunges
English.news.cn 2012-09-25 20:41:20

DHAKA, Sept. 25 (Xinhua) -- Bangladesh's remittance income from the United States in the
2011-12 fiscal year ending in June plunged but the inflow remained stable from another two top
traditional foreign currency sending Gulf states, a bank official said Tuesday.
The Bangladesh Bank official who preferred to be unnamed said inflow of remittances from
Bangladeshis in the U.S., the country's third-largest source of foreign currency after Saudi Arabia
and the United Arab Emirates (UAE), fell by about 19 percent year on year to 1.50 billion U.S.
dollar in the 2011-12 fiscal year (July 2011-June 2012).
Remittance inflows fell from some non-Middle East countries in the wake of global economic
meltdown which took toll on U.S. and some European economies, said the bank official.
He said both job opportunities and incomes of the non-resident Bangladeshis (NRBs) in the U.S.
and some European countries squeezed over the last years due to the global recession.
As the inflow of remittances from traditional Middle East states remained stable, the official said
Bangladesh witnessed a 10 percent growth in the income of one of the key sources of foreign
exchange in the last fiscal year.
Quoting the latest data from the Bangladesh Bank, he said inflow of remittances by millions of
NRBs in the 2011-12 fiscal year reached a record high of about 13 billion U.S. dollars, mainly
thanks to Saudi Arabia and the UAE which host several millions of Bangladeshis.
According to the official, Bangladesh during the last fiscal year fetched its highest remittance of
3.68 billion U.S. dollars from Saudi Arabia, a growth of about 12 percent year on year.
The country also fetched 2.40 billion U.S. dollars from the UAE, up 20 percent on a yearly basis,
followed by about 1.498 billion U. S. dollars from the U.S., 1.19 billion U.S. dollars from
Kuwait and 987.46 million U.S. dollars from the United Kingdom.
Apart from these top five countries, Bangladesh's remittance earnings in the last fiscal year stood
at 847.49 billion U.S. dollars from Malaysia, 400.93 million U.S. dollars from Oman, 335. 26
million U.S. dollars from Qatar, 311.46 million U.S. dollars from Singapore, 298.46 million U.S.
dollars from Bahrain, 244.75 million U.S. dollars from Italy and 53.27 million U.S. dollars from
Australia.
Officials hope that Bangladesh's remittance growth will again pick up a higher pace in the
current 2012-13 fiscal year (July 2012-June 2013) as employment boom for millions of foreign
job seekers in the remittance-reliant impoverished nation of about 153 million people had
continued since January this year after years of slump due to recession.

Jakir Khan
ID: 110170201

Data from the country's Bureau of Manpower Employment and Training (BMET) show "some
374,837 Bangladeshis in January-June found overseas jobs, a rise of nearly 50 percent over the
same period last year."
Of the total overseas employment in the first half of 2012, more than two-thirds of Bangladeshi
workers found jobs in some Middle East countries including the UAE, according to the BMET.
Editor: Tang Danlu
http://news.xinhuanet.com/english/world/2012-09/25/c_131872609.htm

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