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Remittance may cross $10b mark: WB

Star Business Report
The World Bank (WB) said yesterday Bangladesh is expected to receive remittance worth $10.87 billion in the current fiscal year if the global oil price does not fall and the local currency is not appreciated.
The WB also revealed some findings that go beyond traditional beliefs -- only nine percent remittance is sent through unofficial channel, migrants' households spend more on food and lifestyle rather than productive sector such as purchasing land.
It also found remittance inflow increases when a country's economy goes through hardship.
The findings were based on a survey conducted in 2007 and presented to the media in a report titled "Remittances in Bangladesh: Determinants and Outlook" in Dhaka yesterday.
The WB has been watching some factors since 1980 that impact remittance inflow -- global oil price, local exchange rate and the health of domestic economy, among others.
The donor agency said more inflow of remittance accelerates the pace of poverty reduction.
If oil price goes up by one dollar, annual remittance increases by nearly $15 million, and if the taka is depreciated by one unit, the annual remittance rises by $18 million, the WB report said.
WB senior economist Zahid Hussain presented the findings at the press briefing, where Acting Country Director Robert Floyd was also present.
Hussain said if the present exchange rate of Tk 68.8 per dollar continues and oil price remains at around $68 per barrel on an average, around 610.000 employments may be created abroad for the Bangladeshis in the current fiscal year.
in that case remittance inflow this fiscal year would be $10.87 billion at a 12.3 percent growth rate. But if 1,50,000 jobs are created abroad, the figure will be $10.49 billion and growth 8.4 percent.
The WB found that on an average a migrant remitsTk 101,579 ayear.
The migrants send 33.6 percent remittance by cheque or bank draft, 23 percent by direct transfer to their own bank accounts, 16 percent to a third person's bank account, 15 percent through personal delivery by friends or relatives and 9 percent by Hundi (an illegal channel of remitting).
Sonali and Agrani banks are the major remittance service providers.
The average agency fee per migrant is Tk 1,20,000 in all regions, but it isTk 1,22,150 in Dhaka. Tk 1,32,750 in Chittagong and Tk 1,14,750 in other regions, the WB said.
Of the migrants, 28 percent use own cash resources for their migration costs, 21 percent get help from
friends and relatives, 15 percent mortgages land, 12 percent sell asset and 10 percent borrow from friends and relatives.
The WB found that the monthly per capita expenditure of a migrant household is significantly higher compared to a non-migrant one. "They eat better (more fish and meat), dress better, buy more household appliances, and save a good part of their remittance receipts."
There is no significant difference between migrant and non-migrant households in terms of per capita expenditures on health and education, vehicles, jewellery or pots and plants and land acquisition.
"Outstanding loans are significantly higher for migrant households, possibly reflecting upfront financing of migration costs through borrowing," the report said.
Migrant households spend significantly more on modem agricultural inputs (fertiliser and seeds) than non-migrant households.