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Bangladesh receives $684.41 million as remittance in just 5 days

  • Published at 05:37 pm May 11th, 2021
File Photo: People stand in long queues inside a branch of Sonali Bank in Dhaka's Motijheel on April 13, 2021 Mehedi Hasan/Dhaka Tribune

Expatriate Bangladeshis sent $2.06 billion in remittance last month

Expatriate Bangladeshis sent $684.41 million in remittance in just five days of the ongoing month, owing to the upcoming Eid-ul-Fitr — the biggest religious festival of Muslims.

“Remittance inflow is increasing due to the upcoming Eid-ul-Fitr. Every year, Bangladeshi expatriates send huge amounts of foreign currency to the country ahead of Eid,” Bangladesh Bank spokesperson and Executive Director Serajul Islam told Dhaka Tribune.

From May 2 to May 6, Bangladesh received $684.41 million as remittance, of which $172.15 million came through six state-run banks; $10.93 million through Bangladesh Krishi Bank; $499.12 million through private commercial banks, and $2.21 million through foreign banks, as per the latest data by the central bank.

Expatriate Bangladeshis sent $2.06 billion in remittance last month — an 89.17% year-on-year growth.

Also read - OP-ED: Robust remittance flows - How sustainable are these?

Remittance inflow increased 39% to $20 billion in the July-April period of the current fiscal year, compared to the same period of the last fiscal year.

Bangladesh's foreign exchange also reserves hit a record amid the Covid-19 pandemic owing to the increasing trend of remittance inflow.

Forex reserves stood at $45.10 billion on May 3, as per central bank data. With the reserve tally, it would be possible to meet import payments of more than 10 months.

“The remittance earnings are increasing day by day amid the Covid-19 pandemic as the government and the central bank took several initiatives to boost it,” said a top central bank official. 

“The 2% cash incentive on remittance earning has played a vital role behind this,” he added.

Remittance will maintain a standard flow in the upcoming days as the migrant workers are already used to the legal channels and are enjoying the 2% cash incentive, said Zaid Bakht, research director of the Bangladesh Institute of Development Studies (BIDS).