Despite rising Covid-19 Pandemic around the World, remittance inflow in Bangladesh hit a record growth and continues to show an upward trend.
Expatriate Bangladeshis sent to $1.15 billion in the first fifteen days in April this year, exceeding the figure for the whole month of April last year. The figure was $1.09 billion in April last year, according to Bangladesh Bank (BB) latest data.
Experts said expatriates are continuously sending money at home despite the coronavirus pandemic. This remittance inflow is considered as the oxygen to the country’s economy.
Recently, the expatriates sent more money at home to meet higher family expenses including for Ramadan and for treatment expenses for second wave of coronavirus, which pushed remittance up this month, they added.
Besides, the remittance flow rapidly increased through official channels due to travel restrictions imposed by most of the countries in an effort to combat the COVID-19, they mentioned.
Remittance also witnessed a rapid growth to stand at $1.92 billion in March in the last year, up more than 50 percent over the same time of previous year. The figure was $1.28 billion in the same period of 2020.
Remittance inflow increased by 35 percent to $18.60 during July-March this fiscal as expatriates continued to send more money at home.
Expatriates sent $13.77 billion at home during the same time of previous fiscal.
Bankers said that expatriates have been sending more money than any other time as the income of many of their families decreased due to the coronavirus.
On the other hand, many expatriates returned home permanently with their savings money during the pandemic. It also helped to boost remittance flow, they added.
An official of Bangladesh Bank (BB) said that different time-befitting initiatives taken by the government have resulted in an increased awareness among expatriate workers to send their hard-earned money through legal channels, pushing up the remittance inflow.
Some economists attributed the growth in remittance inflow to a government provision of two percent cash incentive to remitters on inward remittance that began last fiscal.
This will significantly increase the remittance inflow through legal channels and discourage the ‘hundi’ business, they said.
The country’s remittance crossed $20 billion benchmark for the first time in the history last year. It is almost 42 percent more from the figure of the same time of the preceding year. It was $14.59 billion at the same time last year.
Earlier, Bangladeshi expatriates sent home $11.65 billion in fiscal year 2011 (FY11), $12.84 billion in FY12, $14.46 billion in FY13, $14.23 billion in FY14, $15.31 billion in FY15, $14.93 billion in FY16, $12.77 billion in FY17, $14.98 billion in FY18, in $16.41 billion in FY19 and $18.20 billion in FY20 respectively, Bangladesh Bank sources said.
More than one crore Bangladeshi expatriates are currently working in some 174 countries across the world.