COVID epidemic has caused to impose Lockdown and Strict Restrictions on many countries round the globe including Bangladesh in April 2021. Despite of such an unfavorable situation, Bangladesh has grossed record expatriate income in the form of remittance.
According to the latest data from the central bank, on last month (April 2021) expatriates sent remittances amount of USD 206.70 crore 70 lac 20 thousand. The same month of April in previous year (2020), received remittances amount was USD 109 crore 29 lakh 60 thousand. As a result, remittances have increased by USD 970 million in April this year (2021).
According to Bangladesh Bank, in the first 10 months of the current financial year (July-April) received remittance amount have been USD 2 thousand 67 crore 20 lac. This is USD 600 crore more compared to the same time from last year (April 2020). The first 10 months from last year, received remitence amount was USD 1 thousand 486 crore 80 lac.
Expatriates have sent a record amount of remittances to the banking system ahead of Eid-ul-Fitr, said to media in this regard by the Deputy Governor of Bangladesh Bank Kazi Saidur Rahman. He said expatriates have sent 39% more remittances in April (2021) compared to April (2020). More inflow of remittance is expected ahead in the remaining days on the occasion of Eid.
Earlier, Bangladesh received milestone in earning remittances in July last year (2020) amid an outbreak of coronavirus. On that month, expatriates sent about USD 260 crore in remittances. Bangladesh have never received so much remittance in a single month since the country became independent.
From July 1, 2019, the government is giving incentives at the rate of 2% on remittances sent by expatriates. In other words, if any expatriate sends 100 Taka to the country, the beneficiary gets a total of 102 Taka by adding 2 more Taka. In addition, various banks and mobile banking service providers are offering an additional 1% on Eid and Utsav added with government incentives. In this way, the expatriates are getting enthusiastic to send remittances through legal channels.