Remittance hits $20.6bn in 10 months

This has happened for the first time in the history of Bangladesh for the remittance to cross the $20 billion mark in the first 10 months of any fiscal year.

Expatriate Bangladeshis sent home $2.06 billion in April, a year-on-year increase of 89 per cent.According to BB data, in the first 10 months of the current financial year, expatriates have sent around $20.67 billion, which was $14.86 billion in the same period of FY20.

The expatriates have sent $2.06 billion in April of FY21 which amount was $1.09 billion in FY20.

More than 10 millions Bangladesh expatriates are working in different countries and sending hard-earned remittance to their families in the country. The contribution of remittance to the country’s GDP is about 12 per cent.

The government has announced an incentive at the rate of 2.0 per cent to encourage expatriate to send their income through legal channels.

In the current fiscal, the government has allocated Tk 30.6 billion as cash incentive against remittance. In addition to this, some banks are offering 1.0 per cent extra incentive against remittance.