Bangladesh receives highest remittance since July last year

March's inflow of remittances was the second highest so far this fiscal year.

Bangladesh received $1.86 billion of remittances in March, the highest since July when expatriates sent $1.87 billion.

The country’s inward remittance in March is 24.45 percent higher than February’s $1.49 billion — the lowest in 21 months.

In the last fiscal year, Bangladesh saw seven months with over $2 billion in remittances. It peaked in July 2020, when expatriates sent $2.59 billion.

Last fiscal’s high remittance inflow is mostly attributed to a halt in opportunities to send money through illegal channels caused by the pandemic.

As the Covid-19 situation began to ease worldwide and economic activities resumed, remittance inflow through legal channels began to slow down.

In a bid to pick up the remittance inflow, the government on January 1 raised the incentive rate from 2 to 2.5 percent. However, the initiative failed to regain the momentum it had in FY21.

In March, six state-owned commercial banks - Agrani, Janata, Rupali, Sonali, Basic and BDBL - received $333.39 million while one state-owned specialized bank- Bangladesh Krishi Bank- received $30.80 million.

Of the state-owned banks, Agrani Bank received $121.59 million, Janata Bank $57.95 million, Rupali Bank $45.67 million, Sonali Bank $108.01 million and Basic Bank received $0.17 million. 

Besides, the expatriates have sent $1,487.35 million through private commercial banks.

Bangladesh in the previous 2020-21 fiscal year earned $24.77 billion in remittances. It was $18.20 billion in FY20.

Bangladesh is the 8th largest remittance-receiving country and the sixth largest migrant-sending country in the world, according to the World Migration Report 2022.

Bangladesh in 2021 sent 6,17,209 workers overseas.