Bangladeshis working overseas sent home $559.45 million in May, up nearly 15 percent from a year earlier and 2.9 percent from April, central bank officials said on Tuesday. Remittances totalled $5.46 billion in the first 11 months of the 2006/07 fiscal year which ends in June, 25 percent higher than in July-May 2005/06.
Bangladesh Bank, the country's central bank, expects the inflow of remittance to touch an annual $10 billion over the next three years, and to top $6 billion in the current fiscal year.
Remittances rose to a record $4.80 billion in 2005/06, nearly 25 percent more than the previous fiscal year. To ensure that remittances flow back in through official channels, the central bank has expanded drawing arrangements, working with 35 Bangladeshi banks and 380 foreign banks and exchange houses. The banks have ensured the quick delivery of remittances to beneficiaries in Bangladesh.
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