National, Front Page

Remittance inflow grows by 10pc

Published : 24 Oct 2022 09:45 PM

The inflow of remittances into the country stood at around $1.10 billion in the first 20 days of this October.

The remittance inflow witnessed a moderate growth and stood at around $6.77 billion in three months and 20 days of the current fiscal year 2022-23, up about 10 percent comparing to the same period of the previous fiscal.

During the same period of the previous fiscal, the figure was $6.14 billion, according to the data available with the Bangladesh Bank.

Bangladesh received $1,100 million in remittances in last two weeks of October (2-20).

However, remittances stood at $2.09 in July, $2.04 billion in August and $1.54 in September in the current fiscal year 2022-23.

Bangladesh received record $2.10 billion remittances in July, the first month of the fiscal year 2022-23, due to Eid-ul-Azha festival when expatriate Bangladeshis usually send more money home than any other times. 

The figure is the highest in 14 months and 12 percent higher than the $1.87 billion remittance the country received in the same month of the previous FY.

However, Eid-ul-Fitr was celebrated in the country on May 3. Expatriates sent a total of $2.09 billion in remittance to the country in April ahead of Eid. It was the highest amount in a single month of the last fiscal year.

Meanwhile, the country received $22.07 billion in remittances in 2021, which was higher than any other year in the history of Bangladesh. This inflow was $21.78 billion in 2020 and $18.33 billion in 2019.

This important index of the economy increased last December and January after a decline for five consecutive months (July-November 2021). In December and January, remittance was $1.63 billion and $1.70 billion respectively.

In February, this inflow dropped again as expatriates sent $1.49 billion during the time.

On the other hand, the country’s migrants sent home $1.86 billion in March ahead of Ramadan this year, which is 25 percent higher than that of the previous month and also the highest in the past eight months.

Related Topics