Bangladesh received $11.95b remittance in 7 months

Bangladesh has received USD 1704.45 million ($1000 million is equal to Tk 1 billion) in remittances in January 2022, which is USD 73.79 million more than December last year, reports UNB.

The Bangladesh Bank (BB) released the latest update of inward remittances sent by the non-residents Bangladeshis (NRBs) through different banks.

The remittance inflow got momentum through the legal channel in January as the government raised the incentive from 0.50 per cent to 2.5 per cent, insiders said.

Some banks also provided an additional one per cent to attract remittance through the particular banks. Bangladesh received USD 24.77 billion in the last 2020-21 fiscal year through the banking channel.

The remittance inflow through the legal channel saw a decline in the current fiscal year as it got diverted to illegal channels, including hundi, after the global flight operation eased.

However, the overall remittance inflow is lower in the current financial year as compared to the previous year. According to the central bank, Bangladesh received USD 11.95 billion remittance in the first seven months of the current fiscal year.

The expatriates sent USD 1871.49 million in remittances in July, USD 1810.10 million in August, USD 1726.71 million in September, USD 1646.87 million in October, USD 1553.70 million in November, USD 1630.66 million in December and USD 1704.45 million in January of the current (FY 2021-22) year.