Most believe this is due to deterioration of the Taka against the USD. Hardly news to dance about no matter how desperate times are.
We can thank the twit at the Central Bank for his technical explanations!
Perhaps he can inspire NRBs the way he inspires the members of Destiny Group at their award ceremonies - by comparing them to freedom fighters and praising them with Tagore's verse. Twit.
--- In alochona@yahoogroups.com, Muhammad Ali <manik195709@...> wrote:
>
> Good news for the govt. , bad news for the opposition !!!
> Â
>
> At $1.145 bn, remittance hits record high
> Mon, Jan 2nd, 2012 8:55 pm BdST Dial 2000 from your GP mobile for latest news Â
> Dhaka, Jan 2 (bdnews24.com) â€" Expatriates have set a new record by remitting around $ 1.145 billion in December, the central bank says.
>
> The previous record was $ 1.1 billion, received in August.
>
> "It (December remittance) was the highest last year, as also in Bangladesh's history. I hope the trend will continue in future as well," Bangladesh Bank governor Atiur Rahman told bdnews24.com on Monday.
>
> "The central bank has taken several steps to increase remittance through banking channel. It's a reflection [of these steps]," he said. "We want 100 percent remittance to come through the banking channel. We are working on it."
>
> The remittance received in 2011 totalled $ 12.16 billion, 10.55 percent higher than the previous year. For 2010, the figure was $ 11 billion.
>
> Bangladesh Institute of Development Studies (BIDS) researcher Zaid Bakht said, "It's a welcome improvement amid the economic crisis. It will ease the balance of payment crisis."
>
> According to Bakht, expatriates are remitting more as value of dollar rose against taka in recent past.
>
> "Many expatriates might have had savings and they are sending the money to the country after the value of dollar went up. It might be the reason behind the increase in remittance," he said.
>
> Banks sold dollar at Tk 82 on Monday, according to the Bangladesh Bank.
>
> In the last year, value of dollar rose against taka by 15 percent, with December itself witnessing an increase by about Tk 5.
>
> INCREASED TRANSFER OF FUNDS
>
> The country received around $ 6.07 billion remittance in the first half of the current fiscal -- a 9.27-percent increase over $ 5.5 billion received in the same period the year before.
>
> The rate of increase in remittance had been a measly 1 percent between July and December 2010.
>
> Expatriates sent $ 1.01 billion in the first month of the current fiscal. The amount was $ 855.4 million in September 2011, $ 1.03 billion in October and $ 908.1 million in November.
>
> The remittance inflow grew 25.92 percent in December 2011 in comparison with November, and 18.09 percent vis-Ã -vis December 2010.
>
> While the flow of remittance usually increases before Eid-ul-Fitr and Eid-ul-Azha, December did not have any such festival, which should herald more cheers for the economy.
>
> The increased rate of remittance has lifted some pressure off the central bank's foreign exchange reserve. The reserve, which was $ 9.2 billion two weeks ago, stood at $ 9.64 billion on Monday.
>
> BB governor Atiur Rahman said letters were sent to Bangladesh missions in every country, asking them to inspire expatriates to remit more through banks. "Expatriates are requested to communicate with the central bank whenever they face any problem," he said.
>
> According to BB, $303.9 million came through four state-owned commercial banks, while $ 10.5 million through two specialised banks. Thirty private banks handled remittance of $ 816.8 million and nine foreign banks $ 13 million, according to the central bank.
>
> bdnews24.com/arh/ost/std/2051h
>
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