Remittance inflow decreases by 13pc in May

Staff Correspondent: Remittance sent by expatriates has decreased by 13% in May as compared to the same month of last year.
In May of the current financial year, expatriates sent $1.88 billion in remittances to the country. However, it was $2.17 billion during the same period of last fiscal.
The country received $2.01 billion in remittances in April, the highest amount in a single month of the current fiscal year. This means remittance fell by $125 million or 6.23% in one month.
Meanwhile, the government has set a target of $26 billion for remittance inflow in the current financial year 2021-22. However, remittances reached only $19.19 billion in the first eleven months of the current financial. Remittances reached 73.80% of the target.
Sector insiders said that expatriates are benefitted more by sending remittances through formal channels. So, they have steered away from the hundi medium now.
If the government adjusted the dollar rate with formal channels, remittances through banks would increase further, they added Meanwhile, the Bangladesh Bank has relaxed the requirement for availing 2.5% cash incentive for inward remittances over Tk5 lakh.
From now on migrant workers can get the incentives without submitting any documents. Earlier remitters needed to submit remittance-related documents. This new facility will be available until further notice.