Remittance surged 30 percent year-on-year in July, the first month of the current fiscal year, maintaining buoyancy in inflows as more than 40 lakh Bangladeshis have gone abroad for work over the past four years.

Remittance inflow in the first ten months and eleven days of this fiscal year surpassed $25 billion, breaking all previous records.

Remittance inflows surged by around 78 percent year-on-year in the first 19 days of March as migrant workers sent more money home to relatives ahead of Eid-ul-Fitr, the largest religious occasion in the country.

Remittances have become a much-anticipated relief for the economy reeling under macroeconomic stress, growing steadily since August last year and providing the interim government with a breather amid a rapid erosion of foreign exchange reserves.

Banks could not receive any remittance in the five days of countrywide internet blackout this month

In February, migrants sent home $2.16 billion, up 39% year-on-year

Fostering a conducive environment for expatriate contributions is vital

Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.

Migrant workers sent home $1.98 billion in October

Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad..The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels.

$1.34 billion came in September, lowest since April of 2020

Bangladesh Bank yesterday allowed licensed payment service providers (PSPs) to bring inward wage remittances with the aim to increase remittance inflow. 

There is still scope to increase remittance inflow through the official channel

Remittance inflows hit a seven-month high in March as expatriate Bangladeshis sent more money home for Ramadan and Eid-ul-Fitr.

However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion

Authorities should take migrant-friendly initiatives to encourage them

Remittances sent by expatriate Bangladeshis are one of the vital sources of foreign currencies for the country’s economy.

Migrant workers and Bangladeshis living abroad sent more than $2 billion in each of the first two months of the current fiscal year, a promising sign for the economy.

The remittance inflow has decreased by 14.48 percent in 2016-17 fiscal year, says an annual report.

The foreign currency reserve of Bangladesh hits a new record crossing a $ 27-billion mark.