Remittance may exceed $25b this fiscal year: Kamal
Finance Minister AHM Mustafa Kamal yesterday hoped that the country's remittances might exceed $25 billion this fiscal year based on robust inflow from expatriate Bangladeshis in the next two Eid festivals.
Remittance could stand at around $21
billion this fiscal year given the current pace of incoming funds, Kamal told
reporters at a briefing after two cabinet committee meetings on government
purchase and economic affairs.
However, the pace will not be the
same in the remaining months of this fiscal year as expatriates usually send a
higher amount during the two major religious festivals -- Eid-ul-Fitr and
Eid-ul-Azha.
"But we will not lag behind in
earning remittances," the finance minister said.
"And it is my expectation that
the inflow may even exceed $25 billion this fiscal year, surpassing the last
fiscal year's remittances," Kamal added.
Expatriate Bangladeshis sent
remittances to the tune of $24.77 billion in fiscal 2020-21, shows data from
Bangladesh Bank.
Remittance, which plays a major role
in strengthening the country's foreign exchange reserves, fell 21 per cent
year-on-year to $8.6 billion in the first five months of this fiscal year.
Expats sent $1.55 billion in
November, down 5.48 per cent from a month earlier and 25 per cent year-on-year.
Source: Daily Star