Govt raises incentive for remitters to boost forex inflow

The government has increased the remittance incentive to 2.5 percent from the existing 2 percent in a bid to boost the inflow of foreign currency.

The increased rate will come into effect from January 1 this year, according to a press statement from the Ministry of Finance issued on Saturday.

In order to inspire the migrant workers in sending money legally in Bangladesh, the government has taken the initiative, reads the statement signed by Gazi Touhidul Islam, public relations officer of the ministry.

It is mentionable that the government decided to provide remittance incentives at 2 percent from 2019-20 fiscal years. And for this policy level assistance, the amount of remittance increased in the banking channels to $18.20 billion, which was 13 percent more than 2018-19 fiscal years.

Moreover, the amount of remittance was $24.80 billion which is 36 percent more than the remittances earned in 2019-20 fiscal years.