Bangladeshi expats remitted record $2.6bn in Jul

Expatriate Bangladeshis have sent home $2.6 billion in July alone – the highest monthly remittance received in the country’s history – despite all sorts of troubles that accompanied the global coronavirus pandemic.

In June, the country received $1.833 billion in remittance.

The buoyant inflow of remittance helped push the central bank’s foreign currency reserve to $37.287 billion.

Various time-befitting steps taken by the government, such as 2 per cent cash incentive, have played a role in encouraging the expatriates to send more money through the legal channels.

Last year, the country received $18 billion in remittance.

Finance minister AHM Mustafa Kamal said the government is working to receive $3-5 billion more in remittance in this current fiscal year.

“We’ll take all steps to ensure that remittance is sent through the legal channels,” he said. “We’ll remove all obstacles the expatriates face while sending money home.”

Millions of expatriate workers lost their jobs and returned home as the coronavirus pandemic brought economic activities to a standstill across the world.

In May, two months after the World Health Organization declared the coronavirus outbreak a pandemic, the UK and Switzerland called for countries to work together to make sure people can continue sending money to relatives in other countries during the global crisis.

Such remittances account for more than 5 per cent of GDP in at least 60 developing countries. World Bank has predicted remittances to low and middle income countries will fall by 20 per cent or $110 billion in 2020.