Tuesday, 28 September, 2021

Remittance hits $1.55bn in August

  • Staff Correspondent
  • 31 August, 2021 12:00 AM
  • Print news

Bangladesh received $1.55 billion in remittance between August 1 and August 26 through the banking channel, according to Bangladesh Bank (BB) data.

Bangladesh’s inward remittance dropped slightly in the current fiscal year after a record $24.77 billion remittance receipt last fiscal despite the Covid-19 pandemic.

Inward remittance stood at $1.87 billion in July, down from $2.59 billion in the same period of FY21.

Five state-owned banks have received $330 million, private commercial banks received $124million and foreign commercial banks in Bangladesh received Tk $690 million in remittance in August.

Besides, specialized state-owned Bangladesh Krishi Bank received $27.5 million in remittance during the period.

Sector insiders said the remittance flow through formal channel declined slightly compared to the corresponding period of last fiscal year as some expatriates are sending remittance through informal channels.

Dr. Salehuddin Ahmed, former governor of BB, said the government should work to increase awareness among the expatriates so that they use the formal channel for sending remittances.

Besides, many expatriates are not aware of the incentive being offers against remittance transfers through the formal channel, he said.

The expatriates sent $24.77 billion in remittance in FY21 that was $18.20 billion in FY20.

Inward remittance reached a record $24.77 billion in FY21 thanks to the two per cent incentive offered by the government.

In FY 21, the expatriates sent $1.94 billion in remittance in June, $2.17 billion in May, $2.67 billion in April, $1.91 billion in March, $1.78 billion in February, $1.96 billion in January, $2.05billion in December, $2.78 billion in November, $2.10 billion in October, $2.15 billion in September, $ 1.96 billion in August and $2.59 billion in July.