Remittance inflow to Bangladesh witnessed massive growth of 37.6% in the first six months of the 2020-21 fiscal year as compared to the corresponding period of the previous fiscal year.
According to the Finance Ministry, Bangladesh received nearly $13 billion in remittance in the July-December period of the current fiscal year, which is the highest ever recorded for the period. In FY2019-20, the remittance figure for July - December was under $9.5 billion.
Remittance stood at $12,944.74 million in the July-December period of FY21, compared to $9,407.93 million during the corresponding period in the previous fiscal year, Finance Ministry data says.
The remittance inflow in December 2020 was around $2.05 billion ($2,050.64mn), compared to $1.7 billion ($1,691.68mn) in the last month of 2019.
The pronounced increase in remittance witnessed during the coronavirus pandemic has been attributed to the dramatic fall in opportunities for hundi and other unofficial channels to transfer money, due to lockdown measures imposed by governments worldwide, as well as incentives provided by the government to encourage the use of official channels.
