Bangladesh receives $2.7bn remittance in November

The month of November saw a record 2.7 billion-US dollar inward remittance in the country, continuing the trend of receiving over 2 billion dollars from expatriate workers in the last three months.

According to central bank accounts, expatriates sent 207.87 crore dollars in November. It was 155.52 crore dollars in the same month last year which was a 33.66 percent increase.

In July, the first month of the current fiscal 2020-21, expatriates sent 259.82 crore dollars and 196.39 crore dollars in August. In September and October, remittance inflow was 215.10 crore dollars and 211.24 crore dollars respectively.

Central Bank data shows, in the first five months of the current fiscal year, remittance inflow was 1090.43 crore dollars, which was 771.62 crore dollars in the same period of the previous fiscal year, a 41.32 percent growth.

Spokesperson of Bangladesh Bank Md Sirajul Islam said, “Expatriates are sending more remittance because of the pandemic which is a blessing for our economy. Our foreign reserve is expanding riding on the upward growth of remittance.” 

Foreign reserves in the country already exceeded 41 billion US dollars amid the inflow of remittance through the banking sector.

The money market is now flooded with a record amount of liquidity than any other time of the recent past.

sh/zn