$922m remittance inflow in first ten days of September

Inward remittance has registered a big jump in the first 10 days of the current month, with expatriates sending home $922 million through the banking channel during the time.
The figure was 72.65% higher than $534 million during the same time in September last year, according to data from the central bank.
The country raked in $572 million in remittance in the first 10 days of August.
On July 1-9, expats sent home $746 million, and the whole month’s remittance receipt was $2.6 billion, which was the single month’s highest inflow in the history.

In August, the country received $1.96 billion in remittance.

During the first two months of the current fiscal year, $4.56 billion in remittance arrived, which was 50% higher than the figure in the same period of the fiscal year 2019-20.
In the last fiscal year, the country received $18.20 billion.

Riding on remittances, the country’s foreign exchange reserve has recently increased to $39 billion.
Recently Fitch Ratings Inc, a US-based credit rating agency, forecasts that the annual remittance inflow for five Asian countries – Bangladesh, India, Pakistan, Sri Lanka and the Philippines may drop by 12% on an average, a threat of losing a sizeable amount of remittance earnings this year due to the Covid-19 pandemic.
Earlier, the World Bank and the Asian Development Bank projected a 20% fall.
Read more at: The Business Standard News

Leave a Reply

Your email address will not be published.