Banks could not receive any remittance in the five days of countrywide internet blackout this month
In February, migrants sent home $2.16 billion, up 39% year-on-year
Fostering a conducive environment for expatriate contributions is vital
Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Migrant workers sent home $1.98 billion in October
Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad..The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels.
$1.34 billion came in September, lowest since April of 2020
Bangladesh Bank yesterday allowed licensed payment service providers (PSPs) to bring inward wage remittances with the aim to increase remittance inflow.
There is still scope to increase remittance inflow through the official channel
However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion
Authorities should take migrant-friendly initiatives to encourage them
Remittances sent by expatriate Bangladeshis are one of the vital sources of foreign currencies for the country’s economy.
Migrant workers and Bangladeshis living abroad sent more than $2 billion in each of the first two months of the current fiscal year, a promising sign for the economy.
The remittance inflow has decreased by 14.48 percent in 2016-17 fiscal year, says an annual report.
The foreign currency reserve of Bangladesh hits a new record crossing a $ 27-billion mark.