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Remittance inflow breaks all records

Special Correspondent
03 Aug 2020 20:42:11 | Update: 03 Aug 2020 20:47:52
Remittance inflow breaks all records

Despite unstable global financial environment remittance inflow in the country reached an all-time high at $2.6 billion in July.

Remittance sent by expatriates during these difficult times have strengthened the foreign exchange reserve in the country and made a big contribution to keep the wheel of the economy running.

In June, remittance inflow was at $1.833 billion, breaking previous record for a single month.

The government’s timely decision to include 2 percent cash incentive for remittance has important implication for this upward trend.

Moreover, the country's foreign exchange reserve also reached the highest in history at $37.28 billion. On June 30, foreign exchange reserve was at $36.16 billion which was a record until then. The inflow of remittances has played an important role in the significant increase in reserve.

Expressing gratitude and thanks to the expatriates for this unique record in remittances, Finance Minister AHM Mustafa Kamal said, under the direction of the Prime Minister, 2 per cent cash incentive has been provided to the expatriates sending remittance since the beginning of last financial year. It resulted in more than $18 billion remittance last fiscal year.

“We are working to achieve an additional $3-5 billion remittance in the current fiscal year. We will take all the strategies to ease of sending remittance in the future. Expatriates have unconditional love and affection for the country. Obstacles to their remittances will be removed.”

After treatment follow-up in London, Finance Minister will return to Dhaka within a short time.

 

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