Bangladesh receives $15 billion remittances in 7 months amid coronavirus pandemic

Bangladeshi expatriates have sent home almost $2 billion in January as the inflow of remittances continues to grow amid the global coronavirus pandemic.

Inward remittances in the first seven months of fiscal year 2020-21 stands at almost $15 billion, marking a 35 percent year-on-year growth.

As much as $1.96 billion flowed into the country in January alone, according to the data published by Bangladesh Bank on Monday.

The pandemic wreaked havoc in the global economy in 2020, yet Bangladesh saw a significant rise in the remittance inflow in this period.

In a report published April 2020, the World Bank predicted a 20 percent decline in global remittance flows, with a 22 percent drop in Bangladesh, due to the pandemic.

But the South Asian nation defied the predictions as inward remittances rose 18.66 percent, in contrast to 32 percent drop in neighbouring India.

RESERVES TOP $43 BILLION AGAIN

The surge in remittances has put Bangladesh's foreign currency reserves on course to once again cross the $43-billion mark amid the pandemic.

The forex reserves stood at an all-time high over $43 billion on Dec 30 last year.

The reserves dropped below $42 billion after clearing the import bills racked up in November and December last year. But the increased inflow of remittances took the reserves back up near $43 billion within three weeks.

The forex reserves stood at $42.91 billion on Monday, with officials of the central bank expecting it to move past $43 billion within the next two days. The reserves are sufficient to pay more than 10 months of import bills