Finance minister expects $25bn remittance inflow in FY21
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
February 04, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, FEBRUARY 04, 2023
Finance minister expects $25bn remittance inflow in FY21

Economy

TBS Report
20 August, 2020, 10:40 pm
Last modified: 20 August, 2020, 10:45 pm

Related News

  • Remittance inflow increases 15% in January
  • IFIC celebrating 'Remittance Utshab' nationwide
  • ICCB warns of recessionary risks, urges careful fiscal, monetary steps
  • BRAC Bank hosts 'Remittance-Customer Meet' in Siraganj
  • EBL signs remittance service agreement with NEC Money Transfer

Finance minister expects $25bn remittance inflow in FY21

Under the worst-case scenario of Covid-19 pandemic impact, Bangladesh’s remittances could fall by 27.8 percent in 2020, ADB says

TBS Report
20 August, 2020, 10:40 pm
Last modified: 20 August, 2020, 10:45 pm
Finance minister expects $25bn remittance inflow in FY21

Bangladesh's inward remittance flow could rise to $24-25 billion in the fiscal year (FY) 2020-21.

Finance Minister AHM Mustafa Kamal said this on Thursday after inaugurating the digital transaction services between Agrani Bank and bKash.

Mustafa Kamal said digital financial services have made banking transactions easier. 

"People's trust in the service has increased a lot. Now remittance senders can transfer money more quickly. Earlier, they would raise many questions about the banking service." 

Financial Institution Division Senior Secretary Md Asadul Islam, Bangladesh Bank Deputy Governor Ahmed Jamal; Agrani Bank Chairman Dr Zaid Bakht, Managing Director Mohammad Shams-Ul Islam, and bKash Chief Executive Officer Kamal Quadir were also present at the virtual programme. 

Zaid Bakht talked about the finance minister's initiative of the launching of 2 percent cash incentive on remittance.

In FY20, the country received $18.21 billion remittance – highest in a fiscal year.  

In July, the first month of the current fiscal year, the country received $2.60 billion remittance which is also a record remittance for a signal month.  

The country's foreign currency reserve is rising with the growth in remittance inflow. On August 17, forex reserves crossed $38.15 billion for the first time. 

Despite all of these positive trends, experts held a negative view about remittance and forex reserve growth as Covid-19 had recently brought many expatriates home. 

Policy Research Institute Executive Director Ahsan H Mansur told The Business Standard, "The current inward remittance flow is not a real one. Many expatriates are waiting to return home soon. So, they are sending their savings."

Around 2.5 lakh migrants have returned home amid the pandemic, according to the Brac Migration Programme.

In the monetary policy statement for FY21, the central bank said, "Although there are signs of gradual improvements in people's movement and economic activities, the uncertain length and depth of the Covid-19 pandemic in the coming days is being considered the number one risk factor in attaining monetary programme objectives of FY21."

Aggravation in the global recessionary economic condition due to lingering of Covid-19 along with the volatilities in oil price and ongoing geopolitical tensions in the Middle-East might have a negative impact on future export earnings and wage earners' remittance inflows to Bangladesh, the central bank also said.

And the Asian Development Bank (ADB) already said, under the worst-case scenario of Covid-19 pandemic impact, Bangladesh's remittances could fall by 27.8 percent in 2020, as job losses mounted and employers trimmed payrolls. 

However, Agrani Bank customers can now make their banking transactions through bKash app.

Also, customers of the state-own bank can easily add their account credentials to the bKash app following a few simple steps and enjoy all the services anytime, such paying utility bills, buying tickets, making payments, recharging mobiles, sending money and making cashouts. 

They will also be able to transfer money to their Agrani Bank account from bKash anytime and avail services like payment of instalments of deposit scheme or loans from anywhere.

Kamal Quadir said, "Using our customer-friendly digital transaction technology, banks can deliver services to the customers more innovatively. This joint venture of bKash and Agrani Bank is a significant step towards effective financial inclusion."

Top News

Finance Minister / remittance

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Is the IMF to blame for growing pressure on your wallet?
    Is the IMF to blame for growing pressure on your wallet?
  • Dr Salehuddin Ahmed. Illustration: TBS
    Reforms in banking must to sustain financial sector
  • Why 2012 reforms were not done is a million-dollar question
    Why 2012 reforms were not done is a million-dollar question

MOST VIEWED

  • The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
    IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms
  • Will reform pledges to IMF work this time?
    Will reform pledges to IMF work this time?
  • Illustration: TBS
    Biz leaders want crisis management, energy security for survival
  • Infographic: TBS
    Bangladesh in better position than Sri Lanka, Pakistan to navigate forex crisis: UCB Asset Management
  • Reconditioned vehicles running out of stock as traders fail to open LCs
    Reconditioned vehicles running out of stock as traders fail to open LCs
  • Despite downturn 3 dozen listed firms plan Tk7,500cr investment
    Despite downturn 3 dozen listed firms plan Tk7,500cr investment

Related News

  • Remittance inflow increases 15% in January
  • IFIC celebrating 'Remittance Utshab' nationwide
  • ICCB warns of recessionary risks, urges careful fiscal, monetary steps
  • BRAC Bank hosts 'Remittance-Customer Meet' in Siraganj
  • EBL signs remittance service agreement with NEC Money Transfer

Features

Andy Mukherjee. Sketch: TBS

What makes India's billionaires' support special for Adani

20h | Panorama
Photo: Rejaul Hafiz Rahi

A jackal farewell

21h | Earth
The trio spearheading the revival of book cover designs

The trio spearheading the revival of book cover designs

22h | Panorama
Six Jeep Wranglers and a special XJ Jeep Cherokee set out into the depths of Lalakhal, Sylhet for an experience of a lifetime. Photo: Ahbaar Mohammad

Jeep Life Bangladesh: A club for Jeep owners to harness the power of their vehicles

1d | Wheels

More Videos from TBS

A proper price formula can help investors to plan big

A proper price formula can help investors to plan big

1d | TBS Round Table
Rumors about Sarika that everyone thinks are true

Rumors about Sarika that everyone thinks are true

1d | TBS Entertainment
Mugging rife in Tejgaon, murder in Wari

Mugging rife in Tejgaon, murder in Wari

1d | TBS Current Affairs
What secrets are hidden behind Adani's wealth?

What secrets are hidden behind Adani's wealth?

1d | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

3
Photo: Collected
Energy

8 Ctg power plants out of production

4
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]