Inward remittances grew 10.26 percent to $12.85 billion in the year to June 30 from a year ago, according to data from the central bank.

A strong dollar and transfer of money through formal channels helped the country attain good growth of remittance in fiscal 2011-12 despite the global financial crisis, bankers said.

Helal Ahmed Chowdhury, managing director of Pubali Bank, identified three major reasons -- banks' drive, market expansion and anti-money laundering laws -- for a boost in remittances.

“Banks tried to get remittances to meet its demand for foreign currency and to achieve that many banks opened exchange houses abroad,” said Chowdhury whose bank witnessed around 20 percent growth in 2011-12.

A stronger dollar against the taka also helped achieve double-digit growth, Chowdhury said.

Bangladesh had received $2.5 billion in remittances a decade ago which now gets five times more. The country looks for new markets as the Middle East countries are facing political unrest for the past two years.

The Middle East accounts for more than 60 percent of Bangladesh's inward remittances.

Although Bangladesh achieved double-digit growth in remittance in 2011-12, the month-wise inflow shows it has been declining gradually.

In June, the last month of the concluded fiscal year, inward remittances stood at $1.07 billion, down by 7.2 percent from $1.16 billion in May.

The Daily Star/Bangladesh/ 4th July 2012