Remittance inflow down by $3.25 billion in 8 months of FY 22

Bangladesh’s remittance inflow decreased by USD $ 284.5 million to $ 1496.09 million in February of the current fiscal year compared with the same month of last fiscal year. In February of FY2020-21, the expatriates sent remittance of $ 1780.59 million to the country.

Bangladesh received $ 13.44 billion remittance in the first 8 months of the current FY2021-22 which is counted from 1st of July every year. In the same period of last FY2020-21, the expatriates sent $16.68 billion. It means flow of inward remittance has decreased by $3.25 billion.

Bangladesh Bank (BB) data released on Tuesday found that the expatriates in different countries of the world sent $1496.09 million inward remittance through banking channels.

The previous month, in January, expatriates sent inward remittances of $ 1704.53 million, in December $1630.66 million, reports UNB.

The government has been providing a 2 per cent incentive from the FY2019-20 to increase remittance inflow in the formal channel (banking) discouraging hundi.

After easing global Covid restriction on movement, the inward remittance flow decreased gradually compared with the severe pandemic period. In the last FY2021-22 Bangladesh received a record $ 24.77 billion remittance, which is the highest ever.

In January 2022, the government increased remittance incentive to 2.5 per cent to increase the inward remittance flow in the banking channel.

It means the expatriates are now getting hassle-free Tk 102.5 for sending Tk 100 remittance through banking channels.

The sector insiders said the remittance inflow would increase in the remaining period of the current fiscal year as the government increased incentive rate and upward trend of fuel oil prices in the global market.