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Remittances dip by 25.25pc to $1.5b

Published : Thursday, 2 December, 2021 at 12:00 AM  Count : 412

The country's remittance inflow has dipped by 25.25 per cent year-on-year in last November to US$1.5 billion, which is also the lowest in last 18 months, according to Bangladesh Bank data released on Wednesday.
In November of the previous year, the expatriates had sent $2.07 billion. In last November, the Bangladeshi expatriates have sent $1.55 billion, down 5.48 per cent from the previous month and 26 per cent year-on-year.
From July to November of the current 2021-22 fiscal year, the total remittance inflow was $8.40 billion, down by 21per cent compared to the same period last fiscal year.
In FY 2020-21, the July inflow of $2.6 billion was an increase of 62.5pc compared to the remittance sent a year ago.
The country's remittance earnings reached an all-time high of $24.78 billion in the last fiscal year despite the Covid-19 pandemic.
The unofficial route faced a major disruption since the first quarter of 2020 as international travels came to a halt because of the pandemic, fuelling the growth of remittance
through banking channels, a central bank official said.
Many nations, including the countries where most expatriate Bangladeshis work, had enforced strict restrictions on the movement to contain the spread of the virus.
As people's movement resumed, the global hundi cartel, which operates an illegal cross-boundary financial system, has become active again.
Reserves surpassed $48 billion in August, but it is now maintaining a downward trend after the month. The reserves stood at $44.94 billion in November 24, up 9 per cent from a year ago.






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