Inward remittance fell by 21% in 5 months of FY22

Bangladesh received (USD) $1553.70 million inward remittance in November, which is considered lowest in 18 months.

Dhaka, Dec 1 : Bangladesh received (USD) $1553.70 million inward remittance in November, which is considered lowest in 18 months.

Bangladesh Bank (BB) data shows that the expatriates sent $1553.70 million remittance in November 2021 compared to $2078.74 million in November 2020 amid the Covid-induced lockdown in almost all their host countries.

According to the BB, in the first five months (July-November) of the fiscal year (FY) 2021-22, Bangladesh received remittance of $8.61 billion down from $10.89 billion in the FY 2020-21. It means the expatriates’ income has decreased by 21 per cent to $2.28 billion in five month in the current fiscal year.

The expatriate income shows fall for last five months in the current fiscal year despite renewed economic activities in the Middle Eastern and European countries and the USA.  

The sector insiders say money transactions on illegal channels (hundi) have increased since the pandemic related restrictions were lifted.

Besides, the rate of new employment has been lower than the job loss.

The inward remittance inflow of last five months of FY22 saw decreasing trend compared with the same period in the FY21.

Arrival of remittance was $1.87 million in July, $1810.10 million in August, $1726.71 million in September, $1646.87 million in October and $1553.70 million in November of FY22.

In the F21 inward remittance was received $2598.21 million in July, $1963.94 million in August, $2151.05 million in September, $1646.87 million in October and $2078.74 million in November, reports UNB.