Reserves reached 45 billion dollars based on remittances

In the midst of this coronavirus epidemic, remittances have been averaged 2 billion dollars in all months except February of the current financial year. Remittance revenue exceeded  2 billion dollars in May.

According to a report on remittances released by the central bank on Tuesday, remittance revenue stood at 2.17 billion dollars last month, up 44 percent from May last year.

In the 11 months to July-May of the current financial year, remittance income came to  22.84 billion dollars. Which is about 40 percent more than the same period of the financial year. In the first 11 months (July-May) of the last fiscal year, remittance income was  16.37 billion dollars.

The amount of remittances received during July-May of the current fiscal year was 4.6 billion dollars more than the full 12 months of the current fiscal year. In the last financial year, remittance income was 18.21 billion dollars, growth was close to 11 percent.

If you want to know about the high flow of remittances, research institute Center for Policy Dialogue (CPD) Fellow Dr. Mustafizur Rahman said more remittances came in May than in April, focusing on Ramadan and Eid-ul-Fitr. This flow will continue for the next two months centering on the upcoming Eid-ul-Azha, but he thinks that the high growth of remittances will come down after Eid-ul-Azha.

Despite the slowdown in growth, he advised to keep pace with remittances, increase remittances, reduce immigration costs and allocate up to 2% incentive in the budget.

The impact of high remittances has also increased the amount of foreign exchange reserves. Reserves again reached 45 billion dollars. At the end of May 31, the reserves stood at. 45.05 billion dollars.

Sunbd/NJ