Remittances hit record high in April ahead of Eid

The monthly inflow of remittances hit an all-time high in April ahead of Eid-ul-Fitr, reaching $2.067 billion.

Expatriate Bangladeshis sent $1.91 billion in remittances in March; which rose 8.19% in April, according to the Bangladesh Bank.

Expatriates sent $2.06 billion in remittance in April, up 89.17% year-on-year from the same period of last year.

Remittance inflow usually increases ahead of Eid-ul-Fitr and Eid-ul-Adha, as the expatriates send a big chunk of foreign currencies to the country ahead of two major religious festivals of the Muslims, experts said.

Although the pandemic has slowed down the global economy, remittance inflow grew 39% to $20.67 billion in the first 10 months of the current fiscal year, compared to the same period of the last fiscal.

The remittance earnings have begun an upward march amid the Covid-19 pandemic as the government and the central bank took several initiatives to boost it; the migrant workers have already become used to the legal channels and are enjoying the 2% cash incentive, experts said.

Source: United News of Bangladesh