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  • Oct 24th, 2005
  • Comments Off on Bangladesh expatriates remittances up in July
Expatriate remittances to Bangladesh rose 17.7 percent to $342.4 million in July from the same month a year ago, central bank officials said on Sunday. Bangladesh Bank officials attributed remittance growth mainly to a strict money laundering law.

"Remittances are one of the major sources of external resource of our country after foreign direct investment," said Morshed Kuli Khan, an executive director of Bangladesh Bank.

The latest remittance compared with $349.03 million in June and $291.07 million in July 2004.

Bangladesh is continuously trying to raise remittances flows through taking various measures like strengthening of overseas branches in different countries, Morshed said.

The central bank has strengthened its monitoring system for remittances as part of a new law that seeks to prevent money laundering.

State-owned commercial banks have opened exchange houses in cities where many expatriates work to encourage them to send money through official banking channels.

The finance ministry has also strengthened its monitoring system for remittance flow.

About 3 million Bangladeshis and people of Bangladeshi origin work abroad, mostly in the Middle East, the United States, Britain, Germany, Italy, Japan, Malaysia and Singapore.

Bangladesh expatriates sent home $3.86 billion in the 2004-05 fiscal year, up 14.54 percent from $3.37 billion a year earlier, officials said.

Copyright Reuters, 2005


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