Remittance to rise this fiscal year: BB

Remittance inflow may rebound significantly in Bangladesh in 2022-23 fiscal year as increased number of people flew abroad for jobs, Bangladesh Bank Governor Fazle Kabir said yesterday. 

The forecast comes at a time when remittance earnings, one of the key pillars of Bangladesh's economy, dipped 16 per cent year-on-year to $19.19 billion in the July-May period of the just-concluded fiscal year, weakening the country's foreign exchange reserves amid surging import bills

Between July and May of FY22, 8.77 lakh workers left the country in search of jobs abroad, nearly four times 2.31 lakh Bangladeshis who went to other countries in the same period a year ago, according to data from the Bureau of Manpower, Employment & Training.

Bangladesh logged nearly $25 billion in remittances in 2020-21 fiscal year, posting a 36 per cent year-on-year growth.