Remittance on track to break all-time record

Bangladeshi migrants sent nearly $1.92 billion remittances in March, Bangladesh Bank data shows.

Inflow of remittance was $1.78 billion in February, lowest in the first eight months of the current fiscal year ending on June 30, 2021.

March’s figure took the nine months’ remittance to over $18.60 billion, up from $18.2 billion in fiscal year 2019-20.

“Considering the inflow we expect around $24 billion remittance in this fiscal year,” said a senior central bank official.

According to the latest central bank data, the remittance inflow in July 20-March'21 recorded over 35 percent growth compared to the same period of the previous year.

Data shows the remittance inflow from September to December, hovered at around $2 billion per month and it hit an eight-month low to $1.78 billion in February.

Experts say there was an unusual rise in remittance during the Covid-19 period due to several factors.

A big chunk of money repatriated from the workers who returned to the country during Covid-19 pandemic and the government’s move to provide 2 percent incentive to remittance receivers to discourage illegal hundi were the key reasons for the rise in inward remittance, they say.

The country’s foreign exchange reserve increased to record high of over $44 billion.