Remittance inflow hits record $2.6b in July amid Covid-19
Defying all odds amid the ongoing Covid-19 pandemic, remittance inflows continued to rise for the third consecutive month and reached $2.60 billion in July, the highest ever as migrants sent more for family to celebrate Eid-ul-Azha.
However, the Asian Development Bank (ADB) estimated that Bangladesh remittance inflow will fall by 27.8 percent in 2020 as job losses mounted and employers trimmed payrolls.
Bangladesh Bank (BB) data shows, the country received $2.60 billion in remittance from expatriates in July, up by 62.74 percent compared to $1.59 billion in the same period last year.
In June this year, Bangladesh received $1.83 billion in remittance.
Meanwhile, in the 2019-20 fiscal year, remittance inflow hit a new record of $18.20 billion, up by 10.87 percent compared to FY2018-19.
The inbound remittances have been showing better performance for the last couple of months amid the pandemic as the expatriate Bangladeshis sent money to their family members ahead of Eid-ul-Fitr and Eid-ul-Azha festivals.
"Migrant workers usually send more money ahead of Eid so that their family members can celebrate the festival. This year amid the pandemic, they also have sent money for their families," Md Sirajul Islam, the central bank spokesman told The Daily Observer.
However, economists opined that there is apprehension of downtrend in coming months as the workers are losing jobs, while those who are in jobs are not able to perform duties due to lockdown as well as slowdown in economic activities.
The present growth in remittance inflow would not sustain unless the economies in the hosting countries recover soon with the control of the pandemic, they said.