Bangladesh remittance rises

Source: Xinhua| 2020-01-05 23:55:33|Editor: Mu Xuequan
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DHAKA, Jan. 5 (Xinhua) -- Bangladesh's overall remittance inflow rose by about 26 percent year on year to 9.40 billion U.S. dollars in the first half of 2019-20 fiscal year, a central bank official said Sunday.

According to a Bangladesh Bank (BB) official, overseas Bangladeshis in last December sent home 1,678 million U.S. dollars, 39.78 percent higher than the same month in 2018.

Bangladesh remittances hit an all-time high of 16.40 billion U.S. dollars in the past 2018-2019 fiscal year (July 2018-June 2019).

Officials said remittance has been steadily rising since the announcement of a 2.0 percent incentive on remittance receipts in June last year to encourage expatriate Bangladeshis send home more money through formal channels.

Bangladeshi Finance Minister AHM Mustafa Kamal had earlier said remittance inflow is likely to increase by at least 25 percent in the fiscal 2019-20.

The finance minister said the government is giving two percent cash incentive on money remitted by expatriate Bangladeshis to remove the burden of increased expenses in sending remittances and to encourage bringing in remittance through legal channels.