Bangladesh remittances hit all-time high of nearly 23 bln USD

2021-06-02 10:05:23 GMT2021-06-02 18:05:23(Beijing Time) Xinhua English

DHAKA, June 2 (Xinhua) -- Bangladesh's remittances hit an all-time high of nearly 23 billion U.S. dollars in July-May period of the current fiscal year 2020-21 ending this month.

Bangladesh's Finance Ministry spokesman Gazi Towhidul Islam told Xinhua on Tuesday that expatriate Bangladeshis remitted home 22.84 billion U.S. dollars in July-May, 39.49 percent higher than the same period a year ago.

He said Bangladeshis remitted home 2.17 billion U. S. dollars in May, the highest monthly amount since July last year when the country received 2.60 billion U.S. dollars.

A Bangladesh Bank official who did not like to be named said the July-May income is the highest-ever remittance the country received in a single year since it's independence in 1971.

Bangladeshis in the 2019-20 fiscal year remitted home 18.21 billion U.S. dollars, which used to be the highest remittances in a single year.

"Usually inflow of remittances always increase in the Muslim Eid festival before months," K.A.S. Murshid, immediate past director general of the Bangladesh Institute of Development Studies, told Xinhua.

"But this time we saw more inflow of remittances, as non-resident Bangladeshis continued to send more money owing to the Coronavirus crisis back in home," he said.

"Expatriate Bangladeshis are probably thinking that they are not safe enough in the countries or regions where they are now staying due to the pandemic. So they are preferring to send home every penny of their hard earned money to family members in Bangladesh instead of keeping with them on foreign lands," he added.

Apart from this, he said the 2-percent incentive on remittances announced by the government also contributed immensely to boost inflow of remittances through formal channels to help the country maintain macroeconomic stability despite the pandemic.

The country's Directorate General of Health Services reported 1,765 new cases of COVID-19 and 41 new deaths on Tuesday, bringing the number of total cases to 802,305 and the death toll to 12,660. Enditem