The country’s remittance inflow dropped slightly by 4.8% in February compared to same period of the last year due to slower manpower exports amid global recession.
The expatriates sent a total of US$1.13 billion remittance during the month, which is lower from $1.18 billion in the same period of the last year and $1.15 billion in the previous month, according to the central bank data, released yesterday.
Earlier in January, remittance inflow witnessed a sharp fall by 12.23% compared to $1.31 billion in December last year.
In October last year, remittance experienced a 19.42% drop and later it recovered slowly in the last two months of the year. But at the beginning of 2016, the remittance started falling again.
The economy of middle-eastern countries is badly affected by sinking oil price which accounted for slower remittance growth, said a senior executive of a private bank.
The downward trend in global oil price also slowed the US economy, hitting emerging countries, he said.
Though remittance inflow remained slower but it has significant contribution to take the foreign exchange reserve at a new record high of $28 billion.
Forex reserve reached the new hieght on 25 February breaking the earlier record of $27bn.
The $342m came through state-owned banks, $11m through specialised banks, $767m through private commercial banks and $11.25m through foreign banks.