Expatriate Bangladeshis have continued to send remittances to stand at $1.78 billion in February 2021, up 22.61 percent over that in the same period of the previous year despite the Covid-19 pandemic.
The figure was $1.45 billion in the same period of 2020.
The country’s remittance crossed the $20 billion benchmark for the first time in history to stand at a record $21.74 billion in the last year ahead of the country’s 50th Victory Day.
Market analysts said expatriates are continuously sending money home despite the coronavirus pandemic. This remittance inflow is considered as oxygen for the country’s economy, they added.
An official of Bangladesh Bank (BB) said that various time-befitting initiatives taken by the government have resulted in an increased awareness among expatriate workers to send their hard-earned money through legal channels, pushing up the remittance inflow.
Some economists attributed the growth in remittance inflow to a government provision of two percent cash incentive to remitters on inward remittance, he added.
This will significantly increase the remittance inflow through legal channels and discourage the ‘hundi’ business, they said.
This is the highest monthly remittance received in the country’s history helping push foreign exchange reserves up to $44 billion till February, he said adding that, definitely it is very good news for us.
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.
Bankers said that expatriates have been sending more money than at other times as the income of many of their families decreased due to the coronavirus.
On the other hand, many expatriates returned home permanently with their cash savings during the pandemic. It also helped to boost remittance flow, they added.
