Currency

Bangladesh among top 10 earners

national foreign exchange reserveBangladesh is among top 10 recipients of officially recorded remittances for 2013, which is larger than the national foreign exchange reserve, says a World Bank report.
In the last several years, Bangladesh’s foreign exchange reserve continued to swell crossing the $16-billion mark.
Meanwhile, the country’s forex reserves stood at $16.31 billion on October 2, Bangladesh Bank assistant spokesperson AFM Asaduzzaman told UNB yesterday.
He said the country received $3.27 billion remittance during July-September, 2013 period. “These achievements are the results of the central bank’s positive initiatives to boost remittance.”
The developing world is expected to receive $414 billion in migrant remittances in 2013, an increase of 6.3 percent over the previous year which is projected to rise to $540 billion by 2016.
The top recipients of officially recorded remittance for 2013 are India (with an estimated $71 billion), China ($60 billion), the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion).
The other large recipients are Pakistan, Bangladesh, Vietnam, and Ukraine, according to a feature report of the World Bank.
Globally, the world’s 232 million international migrants are expected to remit earnings worth $550 billion this year, and over $700 billion by 2016, says the latest issue of the World Bank’s Migration and Development Brief.
As a percentage of GDP, the top recipients of remittances, in 2012, were Tajikistan (48 percent), Kyrgyz Republic (31 percent), Lesotho and Nepal (25 percent each), and Moldova (24 percent).

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