Bangladesh receives $22.84bn remittances in 11 months
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SUNDAY, MAY 22, 2022
SUNDAY, MAY 22, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Bangladesh receives $22.84bn remittances in 11 months

Economy

TBS Report
01 June, 2021, 01:05 am
Last modified: 01 June, 2021, 08:57 pm

Related News

  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 
  • The return of hundi
  • FM Momen lauds Agrani Bank for being top remittance receiving govt-owned bank
  • Remittances from Malaysia halved in July-March

Bangladesh receives $22.84bn remittances in 11 months

Larger-than-expected money transfers from migrants overseas have been providing a tonic for the country’s virus-hit economy

TBS Report
01 June, 2021, 01:05 am
Last modified: 01 June, 2021, 08:57 pm
Bangladesh receives $22.84bn remittances in 11 months

With a 40% growth over the July-May period of the fiscal 2019-20, the country received $22.84 billion in remittances in the first 11 months of the current fiscal year despite the coronavirus pandemic that is ravaging economies.

Except for February, the expatriates remitted $2 billion a month on an average.

A Bangladesh Bank report Tuesday said the country received $2.17 billion in remittances in May – which is 44% more than the corresponding period of the previous year.

In the first 11 months of FY2019-20, the remittance inflows amounted to $16.37 billion, while the inward remittances in that year stood at $18.21 billion, clocking in a 11% year-on-year growth.

According to the central bank report, remittances in 11 months of this year have already surpassed the previous year's money transfers from migrants by $4.6 billion.

Prof Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), thinks the government's 2% incentive on remittance through official channels and the pandemic-led suspension of illegal means of remittance transactions such as hundi contributed to the remittance surge.

Remittances would cross $25 billion by the end of June, noting so, Prof Mustafizur said the expatriates sent more money to their families in May comparing to April centring the Ramadan and the Eid-ul-Fitr, and the remittance stream may continue for two more months ahead of the Eid-ul-Adha.

"High remittance inflow may stumble after the Eid-ul-Adha," he commented. To keep the inflow steady, Prof Mustafizur advocated for sending more workers to overseas manpower markets, slashing the migration costs and allocating enough funds in the upcoming budget to continue the 2% incentive facility for retrieving.

Forex reserves hit record high $45.05bn

Due to the upward trend of remittances, the country's foreign exchange reserves on 31 May hit a new record of $45.05 billion.

Earlier on 3 May, the reserves – one of the major macroeconomic indicators of an economy – touched the $45 billion mark – $45.1 billion to be exact. The pressure of import payments dragged down the figure to $44 billion on the very next day.

With the current reserves, Bangladesh can meet import payments for eight months. The three-month import payment threshold is the minimum level of reserve adequacy in normal times.

As Taka is supposed to be stronger against the US dollar due to the burgeoned forex reserves, the central bank is buying additional amounts of dollars from the foreign exchange market to maintain stability of the exchange rate.

Besides, the government with the reserves has formed an infrastructural development fund. The central bank recently has approved the government to lend Sri Lanka $200 million from the reserves.

 


Follow us on Google News


 

Top News

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

  • Photographer: Victor J. Blue/Bloomberg
    Global business is enduring a synchronised slowdown
  • Customers buy vegetables at a market in Ahmedabad, India in 29 September 2015. Photo: Reuters
    India considering spending additional $26 billion to fight inflation
  • Photo: BSS
    PM for concluding global treaty to face future pandemics

MOST VIEWED

  • Representational Image. Photo: Wikipedia
    European buyers back AP Møller-Maersk to run Patenga Container Terminal
  • Inflation jumps to 6.29% in April
    Inflation jumps to 6.29% in April
  • Infographic: TBS
    Businesses reel under soaring costs
  • Monthly Tk1,000 allowance sought for unemployed, poor
    Monthly Tk1,000 allowance sought for unemployed, poor
  • Dollar price comes down to Tk98 day after crossing Tk100 
    Dollar price comes down to Tk98 day after crossing Tk100 
  • Photo caption: The effective protection of local industries from tariffs is increasing despite decreasing tariffs on imports of inputs. Photo: Mohammad Minhaj Uddin
    Crisis in Colombo port drives shipping lines to alternative routes

Related News

  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 
  • The return of hundi
  • FM Momen lauds Agrani Bank for being top remittance receiving govt-owned bank
  • Remittances from Malaysia halved in July-March

Features

Why everybody wants to be like TikTok

Why everybody wants to be like TikTok

5h | Panorama
Illustration: TBS

How the ban on porn sites spawned a local cybersex industry

8h | Panorama
3 best affordable sunscreens for all

3 best affordable sunscreens for all

8h | Mode
Warah uses three types of khadi material: a sheer and light one, a medium count and a thicker one.

Warah: Embroidered with culture and womanhood

11h | Mode

More Videos from TBS

Padma’s Char now largest grazing-ground

Padma’s Char now largest grazing-ground

7m | Videos
Pran plans to invest in agri sector abroad to keep country's commodity market stable

Pran plans to invest in agri sector abroad to keep country's commodity market stable

12m | Videos
CV or Resume: Which one to create for job application

CV or Resume: Which one to create for job application

10h | Videos
Wheat prices double in India

Wheat prices double in India

1d | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam
Habitat

The United House: Living and working inside nature

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

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

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab