Remittance inflows hit record high of $24.77 billion in FY21

Remittance inflows hit a record high of US$24.77 billion in the just-concluded fiscal year (FY21), thanks to the expatriate Bangladeshis for sending money amid the Covid-19 pandemic.

Expatriate Bangladeshis sent 36 per cent higher remittance in fiscal 2020-21 compared to the same period in the fiscal 2019-20, when it was $18.20 billion, Bangladesh Bank data shows.

In the wake of the Covid-19 pandemic, the remittance inflow, one of the main barometers of the economy, dipped from March to May of 2020.

“The inflow of remittances shows hit a record high in the current fiscal 2020-21 as the BB has taken measures to streamline the legal channels for encouraging Non Resident Bangladeshis (NRBs) to send money to the country,” said BB Chief Spokesperson M Serajul Islam.

He said the recent flow of remittance indicates that it is gradually increasing and this trend is likely to continue in the fiscal 2021-22.

In FY21, six state-owned commercial banks – Agrani, Janata, Rupali, Sonali, Basic and BDBL – received $6.11 billion while one state-owned specialized bank- Bangladesh Krishi Bank- received $0.41 billion.

Of the state-owned banks, Agrani Bank received $2.82 billion, Janata Bank $0.95 billion, Rupali Bank $0.80 billion, Sonali Bank $1.53 billion and Basic Bank received $0.00223 billion. Besides, the expatriates have sent $18.14 billion through private commercial banks.

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