• Sunday, May 22, 2022
  • Last Update : 04:24 pm

Remittances post 46% growth in September

  • Published at 08:58 pm October 1st, 2020
RMG factory
File photo of workers at a garment factory in Dhaka Syed Zakir Hossain/Dhaka Tribune

Expatriate Bangladeshis sent $1.96 billion in remittances in August. September’s figure was 9.69% higher than that amount

Expatriate Bangladeshis sent $2.15 billion in remittances last month, the second-highest single month posting in the country's history, up 46% on the receipts of the same month of last year.

The highest amount of remittances in a single month in the history of the country was $2.59 billion in the first month of the current fiscal year.

Expatriate Bangladeshis sent $1.96 billion in remittances in August. September’s figure was 9.69% higher than that amount, according to the Bangladesh Bank latest data.

Remittance inflow increased by 48.45% to $6.71 billion in the July-September period of the current fiscal year, compared to the same period of the last fiscal year, as per BB data.

The remittance earning is increasing day by day also amid the Covid-19 pandemic as the government and the central bank took several initiatives to boost remittance earning, said a top Bangladesh Bank official.

The 2% cash incentive on remittance earning has played a vital role behind the increasing trend, he added.

However, former lead economist at the World Bank Dhaka office Zahid Hussain said Bangladeshi expatriates were sending more money to their relatives as most of their relatives had lost their sources of income. 

Besides, a huge number of Bangladeshis had sent all their savings to their families before they returned home, he remarked.

Most expatriates had sent their hard–earned money through banking channels instead of hundi owing to the pandemic, which had also boosted the remittance earnings, he explained.

The country’s foreign exchange reserves hit a new record amid the pandemic due to the increasing trend of remittance earning. 

On September 1 this year, the reserve reached $39.04 billion for the first time, as per central bank data.

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail