Remittance hits record high in July

The monthly inflow of remittance hit an all-time high in July ahead of Eid-ul-Adha, with the figure reaching almost $2 billion in the first three weeks.

According to data from the Bangladesh Bank, the country received $1.96 billion in remittance from expatriates from July 1 to 23.

In June, the last month of fiscal year 2019-20, $1.83 billion came in.
In the recent months, migrants from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Malaysia and the US, among other countries, have been sending a higher amount of money.

Officials of the central bank said the inflow of remittance in July would reach around $2.5 billion if the trend continues in the last week.

They said the inflow of remittance usually increases ahead of Eid-ul-Fitr and Eid-ul-Adha, two major religious festivals of the Muslims.

Besides, joblessness and drop in income of the migrants’ near and dear ones in Bangladesh due to the coronavirus-induced economic shock prompted many to remit higher amounts in the past few months as a form of support, officials said.

The record remittance figure in July came as a continuation of that in the immediate past fiscal year 2019-20 when the country received $18.20 billion amid the coronavirus pandemic. It was a record until then as the country had never received this much in a fiscal year before.
Continue reading at:TBS News

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