Monthly remittance hits record $2.59 billion in July

Staff Correspondent | Published: 18:54, Aug 03,2020


The monthly inflow of inward remittance hit an all-time high in July ahead of Eid-ul-Azha, with the figure reaching $2.59 billion in the month.

According to data from the Bangladesh Bank, the remittance inflow in July was $1 billion or 62.89 per cent higher than the $1.59 billion inflow in July last year.

In June, the last month of the fiscal year 2019-20, $1.83 billion remittance came in.

In the recent months, migrants from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Malaysia and the US, among other countries, have been sending a higher amount of money.

With the increase in remittance inflow, the country’s foreign exchange reserve has exceeded $37 billion mark on July 27 this year.

Policy Research Institute executive director Ahsan H Mansur recently told New Age that the record inflow of remittance in June-July was not normal considering the global economic state and the situation in the migrate workers’ job destinations.

‘It might be the joblessness of expatriates that prompted them to send all their savings before they came to the country,’ he said.

Speaking about piling up of reserve amid economic stagnancy, Ahsan said that the reserve surged due mainly to a fall in imports and it was a reflection of a weak economic state of the country.



Want stories like this in your inbox?

Sign up to exclusive daily email