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Remittance inflow drops 13 pc to $1.88b in May


Published : 01 Jun 2022 09:21 PM | Updated : 02 Jun 2022 04:00 PM

Expatriates sent $1.88 billion in remittances in May this year which decreased by 13 percent as compared to the same month of last year.

In the same period of previous year, it was $2.17 billion. 

Eid-ul-Fitr was celebrated in the country on May 3. Expatriates sent a total of $2.09 billion remittance to the country in April ahead of Eid. It was the highest amount in a single month of the current fiscal year.

This means remittance fell by $125 million or 6.23 percent in a month.

This important index of the economy increased last December and January after a decline for five consecutive months (July-November 2021). In December and January, remittance was $1.63 billion and $1.70 billion respectively.

In February, this inflow stumbled again as expatriates sent $1.49 billion during the time.

On the other hand, the country’s migrants sent home $1.86 billion in March ahead of Ramadan this year, which is 25 percent more than that in the previous month and also the highest in the past eight months.

Sirajul Islam, Executive Director and also a spokesperson of Bangladesh Bank, said, “More remittances come all the time before Eid as expatriates send more money to their relatives for expenses ahead of the festivals. Last month (May) came a little less. It will increase again next month because the Eid-ul-Adha is ahead. Then again, the expatriates will send more remittances which is normal.”

Earlier, the central bank had issued a circular on May 23 making it easier to send as much remittances as they wish. 

As a result, even if remittances of more than five thousand dollars or more than Tk 5 lakh come, the expatriates are getting incentives without any kind of documents. 

Previously, there was an obligation to submit valid documents for remittances of more than five thousand dollars. But even then, the remittance flow did not increase.