Remittances inflow crosses $20 billion in July-April
Remittance inflow crossed the $20-billion mark in July-April period, the first 10 months of this fiscal year (FY) 2020-21 as the migrants workers sent their hard earned money through banking channels, which offered attractive incentives.
Between July and April, the Bangladeshi expatriate workers sent $20.66 billion, which is 39 per cent more than the amount they sent home during the same period last year, according to Bangladesh Bank, data.
For the first time in the country's history, remittance inflow crossed the $20 billion mark in a single fiscal year, a development that has given a breathing space to the government to absorb the economic shocks deriving from the coronavirus pandemic.
Remittance inflow in April also increased by 89 per cent to $2.06 billion compared to the same month last year, in April as the migrant workers sent a large amount foreign currency ahead of the Eid-ul-Fitr.
The inflow usually rises before Muslim religious festival Eid-ul-Fitr and Eid-ul-Azha, as migrant workers send a good amount to their near and dear ones to celebrate the festivals.
The monthly remittance exceeded the $2-billion mark after four months. The expats sent $2.05 billion in December.