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Tuesday, July 5, 2022

Remittance inflow sees 10.85% growth

Photo: DNA

Expatriate Bangladeshis sent $18.20 billion remittances in the fiscal 2019-20, which is 10.85 percent higher than the corresponding period of the preceding year.

The country received $16.42 billion remittances during the fiscal 2018-19, according to a Finance Ministry press release issued on July 2.

The last month of the fiscal 2019-20 received the highest single-month remittance in Bangladesh’s history.

In June, expatriates sent $1.83 billion as remittance to the country.

According to Bangladesh Bank (BB) data, the second-highest amount of remittance received in a month was $1.74 billion in June last year.

As per the press release, the flow of remittances into the country shows an upward trend as the government has taken effective measures, including two percent cash incentive, to streamline the legal channel for encouraging non-resident Bangladeshis (NRBs) to send money to the country.

The strong remittance inflow significantly contributed to the foreign exchange reserve of the nation, taking it to a record $36.02 billion as of June 30.

Read more on Remittance here 

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