Bangladeshi expatriates living in different countries have sent home around $1.27 billion in the first 15 days of July ahead of Eid-ul-Azha.
If this flow of remittance continues, Bangladesh will achieve a record amount of expatriate earnings at the end of the current month, a Bangladesh Bank (BB) official said.“The inflow of inward remittance usually rises ahead of Eid festivals. Expatriate Bangladeshis working in different countries send extra money to their families living in the country. In addition, remittances from the informal sector to legal channels are increasing as the government has been providing 2 percent cash incentive,” the BB official said.
According to the central bank, highest remittance in the first 15 days of July came through Islamic Bank Bangladesh Ltd. The bank has received $387.8 million during the period. Then Dutch-Bangla Bank received $169.2 million billion, Agrani Bank $137 million and Sonali Bank received $76.4million.
In June, the expatriates sent home $ 1.94 billion remittance. As a result, the amount of remittances in the just-concluded 2020-21 fiscal year stood at about $24.78 billion, highest-ever in a fiscal year.
The expatriates sent $18.20 billion inward remittance in the fiscal year of 2019-20 that was highest till FY20, and in the previous 2018-19 fiscal year, the expatriates sent home $16.42 billion.
Bangladesh’s inward remittance has been growing gradually as the earnings of expatriates have seen a rise due to increased payment for their duty in the pandemic period. As a result, the remittance witnessed a record growth of 36.10 percent to $24.77 billion in FY21 compared to FY20.
The expatriates sent remittance of $2.17 billion in May, $2.06 billion in April, $1.910 billion in March, $1.78 billion in February, $1.96 billion in January, $2.05 billion in December, $2.8 billion in November, $ 2.1 billion in October, $2.15 billion in September, $1.96 billion in August and $2.59 billion in July of FY21.In the FY20, the country fetched $1.83 billion in June, $1.50 billion in May, $1.09 billion in April, $1.27 in March, $1.45 billion in February, $1.63 billion in January, $1.69 billion in December, $1.55 billion in November, $1.64 billion in October, $1.47 billion in September, $1.44 billion in August and $1.59 billion in July.
Over 10 million Bangladeshi expatriates are working in different countries and sending hard-earned earnings to their families in the country. The contribution of remittance to the country’s GDP is about 12 percent.