Bangladesh remittances rise 12.6 pct in 2012/13

Last Updated: Wed, Jul 03, 2013 14:10 hrs

DHAKA, July 3 (Reuters) - Bangladesh received $14.46 billion in remittances from citizens working abroad in the 2012/13 fiscal year that ended in June, the central bank said on Wednesday, up 12.6 percent from a year earlier.

Strong remittances helped build foreign exchange reserves to a new record of $15.315 billion at the end of June.

Remittances from about eight million citizens abroad are critical for the impoverished nation and are a key source of foreign exchange alongside garments, which account for 80 percent of total export earnings of about $24 billion a year.

The previous fiscal year's total inflows were worth $12.84 billion.

A majority of Bangladesh expatriates are employed in Middle Eastern countries and almost 60 percent of the remittances come from there. (Reporting by Ruma Paul; Editing by Toby Chopra)

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