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Remittances rebound, rise 6.21 pc in May

Star Business Report
Inward remittances rebounded in May, rising by 6.21 percent to $1.15 billion compared to a month ago, despite an economic crisis in Europe.
Inward remittances fell 2.43 percent to $1.08 billion in April. The overall growth in the first 11 months of the current fiscal year reached near 11 percent.
During the 11-month period, Bangladeshi migrant workers sent home $ 1 billion on average a month, except September and November, according to data from the central bank.
However, remittances increased by 10.89 percent to $11.77 billion in the first 11 months.
Bangladesh Economic Update released by the World Bank (WB) on Sunday said the Eurozone crisis may have an indirect effect on the remittance inflow.
It said the direct effect of the Eurozone crisis on remittances may be small, but the indirect effects could be significant.
The report said Europe's share in Bangladesh's total remittances is only about 8 percent, mostly from the United Kingdom and Germany.
Thus, the direct effect of a European crisis on remittance inflows may not be significant.
However, the indirect effects could be substantial because of a possible slowdown of economic activities in the oil-exporting Gulf countries, combined source of about 78 percent of Bangladesh’s total remittances, the WB said.
A decline in oil prices due to the European crisis would likely slow down economic activities in those countries, the severity depending on the extent of the slowdown, the lender said.
This would harm remittance inflows from nonGulfcountries, the update said.
The recent rise in manpower exports provides some cushion. There is anecdotal evidence that many Bangladeshi migrant workers returned from trade-intensive countries such as Singapore and South Korea during the last global economic and financial crisis, the WB said.
However, at that time the oil price plummeted, thereby mitigating the weakening of remittances to Bangladesh.
The jump in manpower 'exports', from an average 270,000 annually during fiscal 2003-06 to 730,000 during fiscal 2007-09 dwarfed any possible impact of lower oil prices on the earnings of the Bangladeshi workers abroad.
Manpower exports slowed to 430,000 in fiscal 2010 and the figure stood at 440,000 in fiscal 2011, though these were still significantly higher than the pre-2007 level.
Manpower exports in the first seven months of the current fiscal year have been 74 percent higher than the corresponding period of the previous year.
This suggests a cushioning of a negative impact of a new euro crisis.