Remittance inflow grows 8.72pc with one month of FY20 left amid pandemic 

  • Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com
    Published: 2020-06-02 05:30:07 BdST

bdnews24

Expatriate Bangladeshis have remitted $16.36 billion in 11 months of the outgoing fiscal year, almost equalling the remittances in the whole of FY 2018-19.

In May, when Muslims celebrated Eid-ul-Fitr, the expatriates sent more than $1.5 billion, marking a 8.72 percent growth in July-May period, according to data published by the Bangladesh Bank.

Speaking to bdnews24.com on Monday, Finance Minister AHM Mustafa Kamal thanked the expatriates for their contribution to the economy ravaged by the pandemic. 

He also took credit for the achievement, noting that the government has been giving 2 percent incentive on remittance this fiscal year. It has also relaxed some rules recently after the virus crisis set in.

The incentives led to a spike in remittance but inflow began to drop in March as hundreds of expatriates returned home due to the coronavirus pandemic, which has also left a vast number of the world population jobless.

Still, they sent $1.08 billion in April. Economists warned the amount will shrink further. The expatriates were possibly sending the money from their savings or loans, researcher Ahsan H Mansur said.