Remittance up by 25% in July-December

100

The central bank has attributed the sharp rise in remittance to the government’s 2% cash incentive introduced in the current fiscal year

The country’s remittance inflow increased by 25.33% to $9.40 billion in the first half of the current fiscal year compared to the same period of last fiscal year, according to data of Bangladesh Bank.

Remittance inflow registered a sharp rise by 39.19% to $1.68 billion last month against $1.20 billion in the same period a year ago. 

The central bank has attributed the sharp rise in remittance to the government’s 2% cash incentive introduced in the current fiscal year.

“The flow of remittance into the country has shown an upward trend in the fiscal 2019-20 as the government has taken measures, including two percent cash incentive, to encourage legal channel for encouraging non-resident Bangladeshis to send money to the country,” said the central bank’s spokesperson Md Serajul Islam.

He said the recent flow of remittance indicated that it was gradually increasing and this trend was likely to continue in the upcoming months.

In the current budget, the government offered 2% incentive on money remitted through banks by Bangladeshi diasporas.