Expatriates send $1.65b in 26 days of May

The Ministry of Finance is expecting the growth of inward remittance by 16 per cent in the fiscal year FY2022-23.

Bangladesh has, meanwhile, received inward remittance of $1,654.94 million (1.65 billion) in 26 days of May.

The ministry in a report said that over 5.5 lakh workers went abroad in the post-Covid-19 period from the country.

The trend of manpower export will continue as many countries of the Middle East and Europe are hiring more workers to meet the huge demand of non-skill and semi-skilled manpower.

Besides, Qatar's football World Cup preparations have also created huge job demand in the service sector in the Middle East.

Bangladesh Bank data shows that foreign exchange reserve is increasing thanks to growing inward remittance in the recent months despite huge import payment demand. If the remittances continue this trend, the amount of inward remittance is likely to cross $2 billion in May, said Md Serajul Islam, executive director and spokesperson of BB.

The remittance inflow will increase in the next month ahead of Eid-ul-Azha, as the expatriates are expected to send additional money on the occasion of the festival, he said.

Serajul said remittance inflow has increased due to ease of incentive delivery process and devaluation of Bangladeshi taka.

Bangladesh has received $18.97 billion since June 1 to May 26 of FY22.