Bangladesh received US $1642.75 million (1.64 billion) inward remittance till July 21, according to data from Bangladesh Bank. 

It means, on average, the expatriates sent $78.22 million in remittance to the country during July 01-21, the opening month of the fiscal year 2022-23.

In June, the last month of the fiscal year, the expatriates sent home $1.83 billion in remittances through the banking channel, said the BB figures available on Monday (July 25).

Bangladesh received the highest $24.77 billion remittance in FY2020-21, amid global travel restrictions amid the Covid-19 pandemic.

In FY 22 remittance income fell to $21.03 billion following the lifting of travel restrictions and sending of money through unofficial channels, people involved with the issue said.

The sector insiders and experts suspected that around $2 billion in remittances entered Bangladesh through unofficial routes despite stimulus incentives offered by the government to use the official channel.

Sources said a good number of Bangladeshi workers in the Middle East, Malaysia, the USA, and Europe failed to send money through proper baking channels for lack of valid documents.

This led to the increasing use of illegal hundi and other informal channels by the expatriates, they said speaking on conditioned they can’t be identified.

According to a Bangladesh Bank report, between July 1 and 21, six state-owned banks received $254.92 million inward remittance, 2 specialized banks received $27.69 million, and 41 private commercial banks received $1356.22 million while 9 foreign commercial banks received $3.94 million.

BDST: 1117 HRS, JULY 26, 2022
MSK