'Remittance inflow increases by 43.24pc in 4 months'

Expatriate Bangladeshis sent US$8,825 million remittances in the first four months of the current fiscal 2020-21, which is 43.24 per cent higher than the amount of corresponding period of the preceding year, according to data of the finance ministry.

The country received $6,161 million remittances during the July-October period in 2019-20 fiscal year, reports BSS.

According to the data, the country received $2,112 million in October of the fiscal 2020-21.

But in 2019-20, the country got $1,642 million in October.

As per the data, at the end of October, 2020, foreign exchange reserve stood at $41,005 million which was $32,438 million at the end October, 2019.

Meanwhile, on the recent remittance surge, finance minister AHM Mustafa Kamal thanked the expatriate Bangladeshis on behalf of the countrymen for their role to keep dynamic the economy of the country, said a finance ministry message.

The finance minister alleged that when the inward remittance flow started to witness a surge in an unbelievable pace in the first three months of the current fiscal year (FY21), many became critical about the fact that these are not right and would not become sustainable, even many international agencies started to echo with them.

“But, at the end, I called upon the World Bank in their annual meetings to give recognition to the efforts of these remittance warriors. Now the World Bank is saying that remittance inflow to Bangladesh will increase in 2020 and the country will secure the 8th position this year in this regard,” he added.

Kamal said the report also mentioned that the country’s remittance inflow will witness 8 per cent growth in the current year.