DHAKA: Bangladeshis working abroad sent home a record 890 million dollars in May, defying warnings by international economic experts of a massive downturn in global remittances.
The May figure was up from 730 million dollars the same month a year ago and marked a record monthly high for the impoverished country which relies on remittances to help prop up its economy, said the central bank.
“This is the highest month we’ve ever had. We don’t know the reason. Many people are returning home because of the recession but many more are still leaving,” Bangladesh Bank executive director Khandakar Muzharul Haque said.
“Perhaps later this year or early in 2010 we’ll start to see a downturn.
Every day we are told to expect the worst but the monthly figures keep defying the predictions,” Haque told AFP.
The previous monthly remittance record was set in March when Bangladeshis overseas pumped 881 million dollars into the economy.
The World Bank, the International Monetary Fund and the Asian Development Bank have all forecast lower remittances in 2009.
In 2008, Bangladeshis working abroad sent home nine billion dollars accounting for more than 10 per cent of the country’s gross domestic product.
Remittances represent Bangladesh’s second-highest earner after exports.
According to government statistics, 6.3 million Bangladeshis work in other countries, although unofficial estimates put the figure at around nine million.
Bangladesh, one of the poorest countries in the world with a population of 144 million, counts on the inflow of foreign exchange to fund its imports.
Courtesy: The News
To view other stories please visit: http://finance.kalpoint.com
Posts
0 comments
Post a Comment