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Bangladesh remittances reach $15 billion in 2017-18 fiscal year

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A Bangladeshi currency vendor displays fresh notes for clients in Dhaka in this August 4, 2003. Reuters

DHAKA (Xinhua) – Millions of Bangladeshis in the past 2017-18 fiscal year (July 2017-June 2018) remitted home nearly 15 billion US dollars, the second highest yearly amount so far the country has received since its independence in 1971, a central bank official said yesterday.

Bangladesh Bank (BB) official said the flow of inward remittances surged about 17.30 percent year on year to 14,978.86 million dollars in 2017-18 . Previous yearly highest remittance for Bangladesh was 15.3 billion US dollars in the fiscal year of 2014-15.

The official said the increase in total inflow of remittance were due mainly to boom in overseas employment in some Middle East countries and devaluation of Bangladesh currencies against the US dollar. Officials said Bangladesh has strengthened its overseas employment.

Minister of Expatriates’ Welfare and Overseas Employment Nurul Islam earlier announced that the country plans to send some 1.2 million Bangladeshis abroad with overseas employment this year.

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