Expatriate Bangladeshis have sent home $716.2 million in nine days before the Eid-ul-Azha. Government announcement on 2.0 percent incentives for remittance inflow encouraged the Non resident Bangladeshis to send higher amount of remittances.
The 2019-20 financial year started with the remittance inflow in an upbeat mood as the country received $1.6 billion in July, the second highest for a month and 21.2 per cent more than the same month last year.
The expatriates set the highest monthly record of remittance in May by sending over $1.75 billion ahead of the Eid-ul-Fitr.
In 2018-19, Bangladesh received record $16.42 billion in remittance with a 9.6 percent growth.
With the newly received remittance, the foreign currency reserves of Bangladesh reached $32.4 billion on Wednesday. The reserves dropped below $32 billion recently after payments for import to the Asian Clearing Union.
Money sent by the non-resident Bangladeshis makes up about 12 percent of Bangladesh’s GDP.
The depreciation of taka against US dollar and different government measures, including strong surveillance on illegal inflow of money, played a major role in encouraging migrants to send home more remittance in recent times than they did in the past, analysts say.
