Remittance falls 6.71pc year-on-year in July

The first month of the fiscal year saw negative growth in remittance though Bangladesh Bank set a slightly ambitious target for the year.

Inward remittance dropped 6.71 percent year-on-year to $1.39 billion in July, according to data from the BB.

July's remittance was 3.47 percent lower than the receipts in June.

In its monetary policy statement, the central bank expects remittance growth to be 10 percent this fiscal year.

The flow of remittance increased 7.64 percent year-on-year last fiscal year.

A senior BB official said the negative growth in remittance is a temporary phenomenon.

Those who send back remittance mostly belong to the low income bracket and they sent higher remittance to their relatives during Eid, the official said.

Manpower exports have increased slightly recently and there is a possibility of a large number of people going to Malaysia for jobs in the next few months, said the central bank official.

Besides, manpower exports to Qatar and Oman are also on the rise, he added.

Manpower export stood at 39,960 persons in the first 29 days of July, compared to 31,894 in the same month last year, according to government statistics.

The central bank official is hopeful that the target will be achieved.