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DHAKA - EXPATRIATE Bangladeshis sent home US$655.98 million (S$997.29 million) in October, up 17.34 per cent from a year ago, the central bank said on Sunday, but the lowest since January.
In July-October, the first four months of the 2008/09 financial year, remittances from more than 5 million Bangladeshis working abroad totalled US$2.99 billion, almost 37 per cent higher than the same period of 2007/08.
The central bank expects the inflow of remittances to touch an annual US$10 billion in the current financial year. But economists fear the global financial crisis could cut down remittances, a key source of foreign exchange for the impoverished south Asian country.
However, the central bank said remittances would be affected only if instability in financial markets persists for a long time.
Remittances hit a record US$7.91 billion in the 2007/08 financial year that ended in June, nearly a third higher than the previous fiscal year.
The bulk of remittances in July-October came from Saudi Arabia, United Arab Emirates, the United States, the United Kingdom, Kuwait, Italy, Singapore and Malaysia, the central bank said.
Strong remittances also helped offset the impact of the trade shortfall and kept the overall balance of payments in surplus.
Remittances are Bangladesh's second-biggest source of foreign income after ready-made garments, which earned US$10.7 billion in the 2007/08 fiscal year. -- REUTERS
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