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Remittance inches up before Eid

Staff Correspondent | Published: 21:06, May 21,2020

 
 

The inflow of remittance rebounded a bit in the first 19 days of May as the expatriates sent money to their near and dear ones before Eid-ul-Fitr, the biggest religious festival for the Muslims.

In April, the remittance inflow had slumped to a two-and-a-half-year low amid the coronavirus outbreak in most of the countries across the globe.

In the first 19 days of May, the country received $1.091 billion in remittance against the receipt of $1.08 billion in the entire month of April.

Remittance, a major driving force of the country’s economy, has witnessed a sharp decline since January this year after the outbreak of coronavirus.

As the coronavirus turned pandemic, the governments across the globe went for prolonged shutdowns, leaving many of the Bangladeshi expatriates jobless and causing a fall in remittance inflow.

Despite the situation remaining unchanged, the inflow increased in May as Eid-ul-Fitr will be celebrated in Bangladesh on May 24 or May 25, prompting expatriates to send money to their kith and kin in the country to celebrate the occasion.

However, the remittance inflow inched down in the 19 days of May considering the $1.094 billion in receipt in the same period of last year.

The country’s foreign exchange reserve stood at $33.198 billion in May amid a stagnancy in export and import.

BB officials said that the $250-million budgetary support of the Asian Development Bank helped the reserve surpass the $33 billion-mark.

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