Bangladesh recorded a sharp rise in remittance inflows in May, as migrant workers sent more money home in the run-up to Eid-ul-Azha, which falls in early June.
The US House Budget Committee voted late on Sunday to move forward with President Donald Trump's "One Big Beautiful Bill Act", a proposal that could make sending money back home more expensive for three lakh Bangladeshis currently living in the United States.
Remittance inflow in the first ten months and eleven days of this fiscal year surpassed $25 billion, breaking all previous records.
Remittance inflow posted a 65% year-on-year jump
The inflow was 82.46 percent higher than the same period last year, according to industry insiders.
Remittance inflows surged by around 78 percent year-on-year in the first 19 days of March as migrant workers sent more money home to relatives ahead of Eid-ul-Fitr, the largest religious occasion in the country.
The Policy Research Institute of Bangladesh says in a press briefing
The Finance Minister AHM Mustafa Kamal today sought innovative suggestions from economists and sector experts to identify the reasons why inward remittance flow is not growing to the expected level, despite massive manpower exports and many students staying back and working abroad
Migrant workers sent $21.61 billion to Bangladesh in the just-concluded fiscal year as remittance rebounded on the back of higher flow on the occasion of Eid-ul-Azha and a record outflow of labourers, official figures showed yesterday
The government is contemplating increasing the incentive on remittance, said Planning Minister MA Mannan today
Bankers today decided to pay a total of Tk 110.70 to migrant workers and non-resident Bangladeshis for a US dollar from this week in order to encourage them to send foreign currency through formal channels, according to a meeting.
