National, Front Page

Remittance inflow mounting

Published : 21 Nov 2022 10:35 PM | Updated : 22 Nov 2022 04:39 PM

The remittance inflow in the country stood at around $1.06 billion in the first 18 days of November.

The remittance inflow witnessed a moderate growth and stood at around $7.19 billion in first four months of the current fiscal year 2022-23, up about two percent compared to the corresponding period of the previous fiscal, according to Bangladesh Bank data.

Expatriates sent a total of $8.25 billion in four months and 18 days of the current fiscal.

However, remittances stood at $2.09b in July, $2.04 billion in August, $1.54 in September and $1.52 billion in october 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 home more money than any other time. 

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.

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 in 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.

However, 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.

On the other hand, Bangladesh’s reserves are increasing again despite the Bangladesh Bank giving a record amount in dollar support to the commercial banks from the reserves.

Experts said the reserves are rising slightly again thanks to a declining trend in import payments.

According to Bangladesh Bank data, the country’s reserves stood at $34.30 billion till November 17, rising from $34.25 billion on November 09.

On August 24 last year, the reserves crossed the $48 billion milestone, surpassing all past records.