Remittance of over 10 billion dollars in 5 months
Image: Collected
In October this season, over 2.11 billion dollars ( 211 crore 2 lakh 40 thousand dollars) was delivered to the united states as remittance. In November this dropped relatively to around 2.08 billion dollars (207 crore 87 lakh 40 thousand dollars).
Foreign remittance is going to be hitting an archive. In the primary five months of 2020-21 fiscal (July-November), remittance went up by 41.32 %. Another record is definitely that this month the total remittance provides crossed 10 billion dollars (1,000 crore dollars). In these five a few months, the remittance arriving in the united states totaled around 10.90 billion dollars (1 thousand 90 crore 43 lakh 80 thousand dollars).
In November 2019, around 1.55 billion dollars (155 crore 5 lakh 30 thousand dollars) arrived in remittance. This was a rise of 33.66 per cent. In the primary five a few months of the 2019-20 fiscal, remittance was around 7.77 billion dollars (771 crore 62 lakh 50 thousand dollars).
COVID-19 has hit the global economy hard. International trade features fallen. All international organizations acquired forecast a drop in remittance. It turned out said initially there may be a rise, but this might not last because many migrant personnel were losing their careers and returning house. And several could not return to their job and so this would have an impact later on. However, the excessive inflow of remittance remains.
Bangladesh Bank spokesperson Sirajul Islam, talking with Prothom Alo about the matter, said, “The expatriates are turning in record amounts of remittance on a monthly basis. This will possess a significant impact on the economy.”
He added, “With the added remittance, the banks are receiving funds for expenditure and the forex reserves are hitting an archive.”
The 2 2 % incentive has had a contribution to the upsurge in remittance. A 2 % cash incentive has been paid out on remittance from 2019. This decision used by finance minister AHM Mustafa Kamal possesses boosted the inflow of remittance. Some banks also are also offering yet another 1 per cent funds incentive from their private funds, also attracting extra remittance from the expatriates.
Over all, this record amount of remittance offers a relief to the overall economy in these coronavirus circumstances. In October, a global Bank report had explained that remittance would lower globally due to the affect of Covid, but it would upsurge in Bangladesh. In the current time 2020, 20 billion us dollars will come in remittance. Bangladesh will rank 8th in receiving remittance.
India ranks in the most notable place where remittance is concerned (76 billion dollars). China arises second (60 billion dollars). Third place is normally taken by Mexico (41 billion dollars). However in proportion to the GDP, Bangladesh ranks fourth, remittance totaling 6.2 per cent of the GDP. Nepal ranks 1st with 23 per cent of the GDP, Pakistan second with 9.1 %, and Sri Lanka third, with remittance 8.2per cent of the GDP.
Source: https://en.prothomalo.com
Tags :
Previous Story
- Bangladesh boosts Bay of Bengal blue economy
- Learn from Germany, concentrate on SMEs for monetary...
- Bangladesh on the right track to becoming a...
- Simplify of VAT system for better SME business...
- Second wave could inflict bigger harm to economy
- The EU should never let Bangladesh’s personnel down
- Bangladesh garment employees pray for orders as pandemic...
- The never-ending debate over GDP growth