Bangladesh 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).