Remittance recorded single month growth amid job loss


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Remittance recorded single month growth amid job loss

Remittance earning in a single month of July 2019-20 has crossed all time high recorded US$ 2.6 billion. The previous highest was $1.733 billion in June, 2020, Finance Ministry sources said.

“The reason behind the hovering remittance growth is that many expatriates are planning to return the country as many of them have lost their job. Die to this returning plan they are sending their deposited money to the country,” a high official of the Finance Ministry tolf Business Mirror.

A statement from the finance ministry on Monday said the expatriates had sent regular remittances from the hostile environment in Coronavirus pandemic. Remittances sent by expatriates during difficult times have strengthened the foreign exchange reserves. In this case, their love and responsibility towards the country and family has been manifested. Expatriate remittances are making a big contribution to keep the wheel of the economy fast.

The finance ministry says various measures, including a timely 2 per cent cash incentive by the government, have significant implications for the upward trend in expatriate income.  Incidentally, inflows of remittances have played an important role in the significant increase in reserves.

Finance Minister AHM Mustafa Kamal has expressed his gratitude and thanks to the expatriates for this unique record of remittances in the country. He said the Prime Minister’s directive has continued to provide a cash incentive of 2 per cent on remittances from expatriates since the beginning of the last financial year, which resulted in more than US$ 16 billion in remittances last year. We are working to achieve an additional US$ 5 to 6 billion in the current fiscal year.

The Finance Minister also said that steps will be taken to legalize remittances in the coming days. He said the expatriates have genuine love and affection for the country. Obstacles to their remittances will be removed. It may be mentioned that after the follow-up of the treatment, the Finance Minister returned to Dhaka from London this morning and started his regular official duties.





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