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Remittance inflow reaches $716m in nine days before Eid

Published: August 15, 2019 21:59:48 | Updated: August 20, 2019 11:29:58


Expatriate Bangladeshis have sent home an increased amount of money home before the Eid-ul-Azha, taking the figure in the first nine days of August to $716.2 million.

Bankers also believe the government announcement on 2.0 per cent incentives for remittance inflow has encouraged the Bangladeshis living abroad.

The 2019-20 financial year started with the remittance inflow in an upbeat mood as the country received $1.6 billion in July, the second highest for a month and 21.2 per cent more than the same month last year.

The expatriates set the highest monthly record of remittance in May by sending over $1.75 billion ahead of the Eid-ul-Fitr.  

In 2018-19, Bangladesh received record $16.42 billion in remittance with a 9.6 per cent growth.

With the newly received remittance, the foreign currency reserves of Bangladesh reached $32.4 billion on Wednesday. The reserves dropped below $32 billion recently after payments for import to the Asian Clearing Union.

Bangladesh Bank spokesman Serajul Islam told bdnews24.com that the expatriates sent more money home for Eid shopping.

Former central bank governor Mohammed Farashuddin hailed the government decision on incentives for remittance.

Money sent by the non-resident Bangladeshis makes up about 12 per cent of Bangladesh’s GDP.

The depreciation of taka against US dollar and different government measures, including strong surveillance on illegal inflow of money, played a major role in encouraging migrants to send home more remittance in recent times than they did in the past, analysts say.

 

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