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Bangladesh receives huge remittance ahead of Eid

Published : 24 Jul 2021 10:18 PM | Updated : 26 Jul 2021 08:41 AM

Expatriates sent almost $1.26 billion remittance ahead of Eid festival in the first 50 days of the new fiscal year (FY 2021-22) despite Coronavirus pandemic.

In the just concluded fiscal year (2020-21), the remittance inflow hits all-time high to cross $20 billion for the first time.

Experts said the expatriates have recently sent more money to meet their families’ higher expenses including the treatment cost of coronavirus infection and Eid festival, which have pushed remittance up this fiscal.

They said expatriates are sending money to their homes continuously despite the coronavirus pandemic as the government has provided various supports to the remitters including 2 percent additional cash incentive. 

This will significantly increase the remittance inflow through legal channels and discourage the ‘hundi’ business, they said.

As a result, this remittance inflow is considered oxygen to the country’s economy, they added.  

Despite worsening Covid-19 pandemic situation around the world, remittance inflow in the country hit a record growth to stand at 24.77 billion for the first time in the fiscal year 2020-21.

Bangladeshi expatriates sent 36.10 percent or $6.57 billion more money in fiscal 2020-21 compared to the corresponding period of the last year, when it was $18.20 billion, Bangladesh Bank data show. 

Bankers said that expatriates had been sending more money than other time as the income of many of their families decreased due to the coronavirus pandemic.

On the other hand, many expatriates returned home permanently with their savings during the pandemic. It also helped boost remittance flow, they added. 

They said that this was the highest yearly remittance received in the country’s history that helped push foreign exchange reserves up to $46.43 billion recently. Definitely it is a very good news for us, they added. 

Bangladeshi expatriates sent home $11.65 billion in FY11, $12.84 billion in FY12, $14.46 billion in FY13, $14.23 billion in FY14, $15.31 billion in FY15, $14.93 billion in FY16, $12.77 billion in FY17, $14.98 billion in FY18, in $16.41 billion in FY19 and $18.20 billion in FY20 respectively, Bangladesh Bank sources said. 

More than 1.02 crore Bangladeshi expatriates are currently working in some 174 countries across the world, mostly in the Middle East.