Business Desk :
Inflow of remittances continues to scale new heights during the pandemic and riding on it the foreign exchange reserves are also on the course to surpass the $41 billion milestone, thanks to the government’s measures, including two percent cash incentive for the remitters.
According to the data of Bangladesh Bank (BB), expatriates have sent remittances of US$8,825.64 million in the first four months of the fiscal 2020-21 which is 43.24 percent higher than the corresponding period of the preceding fiscal 2019-20.
The country received $6,161.02 million remittances during July to October in the fiscal 2019-20.
Besides, the monthly inflow of remittance hit an all-time high in July, with the figure $2,598.21 million, reports BSS.
Regarding the recent remittance surge, Finance Minister AHM Mustafa Kamal thanked the expatriate Bangladeshis on behalf of the countrymen for their role to keep dynamic the economy of the country.
The finance minister alleged that when the inward remittance flow started to witness a surge in an unbelievable pace in the first three months of the current fiscal year (FY21), many became critical about the fact that these are not right and would not become sustainable, even many international agencies started to echo with them. “But, at the end, I called upon the World Bank in their Annual Meetings to give recognition to the efforts of these remittance warriors. Now the World Bank is saying that remittance inflow to Bangladesh will increase in 2020 and the country will secure the 8th position this year in this regard,” he added.
Kamal said the report also mentioned that the country’s remittance inflow will witness 8 percent growth in the current year.
Talking to BSS, Bangladesh Bank Chief Spokesperson M Serajul Islam said the flow of remittances into the country shows upward trend as the BB has taken measures, including two percent incentive, to streamline the legal channel for encouraging Non Resident Bangladeshis (NRBs) to send money to the country.
In the national budget for the fiscal 2019-20, the government announced 2 percent cash incentive on remittance. Due to huge responses, the government has continued the 2 percent incentive on remittance sending from abroad for the fiscal 2020-21.
