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.
Remittance inflow also broke single-month record in December
However, November’s inflow of $2.2 billion was 8.16% lower than the previous month
Remittances fell into a negative territory last month after showing a dazzling display in December and January.
Remittance hit a four-month high in January after the government increased cash subsidy to remitters.
Remittance slightly increased in the just concluded year after experiencing a falling trend in the last couple of months.
The government has increased cash incentive on remittance to 2.5 per cent from 2 per cent to encourage migrants to use proper channels to send money home.
The flow of remittance to Bangladesh went down heavily in November as many expatriate Bangladeshis continue to prefer the informal channel in sending their money.
The government has selected 57 non-resident Bangladeshis to honour them with commercially important person (CIP) status for their contribution to the south Asian country’s economy.
Remittances have multipurpose positive effects on rural economies, which enhances Bangladesh’s inclusive growth, according to economists.
Twenty-eight-year-old Ahmed Jamal, from Barishal, was working as a labourer in Oman since 2018. He was forced to return to Bangladesh during the pandemic. As a result, he lost his primary source of income along with the hefty recruitment fee he had paid to secure the job initially.
Remittance flow into Bangladesh will turn around in the long term helped by the rapid expansion of fin-tech-based companies despite the ongoing hiccups facing the key source of foreign currency for the country.
Engaging the country’s vast number of migrant workers and non-resident Bangladeshis (NRBs) in the national development process could open up a new area of economic development.
