Bangladesh received $1.96bn remittances in August

Expatriate Bangladeshis have sent $1.96 billion in remittance in the month of August, this year amid pandemic coronavirus, up by 35.93% than the corresponding month of the previous year.

Remittance inflow increased by 50% to $4.56 billion in July-August period of the current fiscal year, compared to the same period of last fiscal year, according to data from Bangladesh Bank.

The country’s Foreign exchange reserves reached $39.04 billion for the first time on Tuesday due to the increasing trend of remittance.

Increasing trend of remittance and $300 million fund from Japan international cooperation agency (JICA) have played a vital role behind the surge in foreign exchange reserves, said a high official of the BB.

Exparts said, most of the expatriates have sent their hard earned money through banking channels instead of hundi owing to the pandemic coronaviurs, which also boost the remittance earning, they said