Alexa Bangladesh receives over $6b remittance in 4 months

Dhaka, Wednesday   11 December 2019

Bangladesh receives over $6b remittance in 4 months

 Staff Correspondent

 Published: 11:43 AM, 4 November 2019   Updated: 12:45 PM, 4 November 2019

File Photo

File Photo

Expatriate Bangladeshis sent more than US $6 billion remittances in the first four months of the current fiscal 2019-20, which is the highest in the country's history. 

In these four months, the inflow of remittance is increased by 20.40 per cent. Of these months, the country received $1.64 billion remittances in last October, which is the second-highest monthly remittance in the country. It has been noted that in May last fiscal year, remittance was $1,748.16 million - the highest monthly remittance ever.

The remittances increased by about 32 per cent in October this fiscal year compared to October last year. In addition, the remittance growth increased by 11 per cent in October compared to the previous month, said Bangladesh Bank data released on Sunday.  

According to Bangladesh Bank (BB) data, during the July-October period in this fiscal year, expatriate Bangladeshis sent $6.15 billion which is 20.40 per cent higher than the amount received in the corresponding period of the preceding fiscal. The country received $5.10 billion remittances during the July-October period of 2018-19 financial year.  

According to the central bank data, the country received $1.64 billion in October and $1.46 billion in September of fiscal 2019-20. Earlier in 2018-19, the country got $1.13 billion in October.   

To increase remittance growth, Tk 3,060 crore has been allocated in the budget in the current fiscal year for two per cent remittance incentives. To get an incentive for remittance of up to $1,500, no documents will be required and it will be provided instantly, said a Bangladesh Bank formulated policy on August 6. 

Apart from this, the rising value of the dollar against taka is encouraging the non-resident Bangladeshis to send money home through the banking channel, the Bangladesh Bank officials told a media.