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Six months after the epidemic, the world’s leading financial institution says remittances to Bangladesh could reach £ 20 billion by 2020, an increase of 6 percent.
The updated World Bank report titled ‘Covid-19 Crisis Through the Lens of Migration’ on the global remittance situation on Friday.
In early April, the World Bank had projected that remittances to Bangladesh could fall by 22 percent to £ 14 billion this year due to Covid-19.
However, the updated report says that despite the collapse in remittance flows in most countries due to the epidemic, the growth of remittances in Bangladesh has increased by 53 percent in one year to September. This will further increase the income of expatriates in 2020, Bangladesh will be in 8th position in the world.
The World Bank has made similar changes to its expat income not only in Bangladesh but also in Mexico and Pakistan. In the case of Mexico, the devaluation of the peso against the dollar and in the case of Pakistan, the ‘impact of the closure of the hajj’ and tax exemptions have been cited as reasons for the increase in remittances.
Besides the ‘impact of the Hajj closure’ on Bengalis, the World Bank has identified several other possible reasons behind the increase in remittances.
The agency says that Muslim expats from Bangladesh working in the Middle East save money for Hajj. But this time they sent the money to the country since the Hajj was closed due to the epidemic.
The World Bank also sees floods as a major factor behind the growth of remittances. Around 10 lakhs of houses and 48 lakhs of people have been damaged and their expat relatives have sent more money.
The World Bank sees remittances as a possible reason for the increase in remittances from informal (by hand) to formal-legal (through banks) due to the April-June shutdown due to the epidemic and international travel ban.
In addition, the incentive of 2 percent announced by the government to send remittances legally has also been highlighted.
Expats around the world sent মিক 16.3 billion in remittances to Bangladesh in 2019, up 16 percent from the previous year.
According to the Bank of Bangladesh, remittances sent by expatriates in the first four months of the current fiscal year 2020-21 (July-October) amounted to around ৯ 9 billion. Which is 50 percent more than in the same period last year.
In September, expatriates sent £ 215.10 million to the country, the second-highest remittance in Bangladesh’s history. And for the second time, Bangladesh has received more than বিল 2 billion in remittances in one month.
Previously, remittances from the epidemic reached 2.6 billion pounds sterling in July, the highest level in history.
Finance Minister Aham Mustafa Kamal told bdnews24.com: “I think this positive trend of increasing remittances will continue. Because we are giving an incentive at a rate of 2 percent from last fiscal year to bring remittances legally In addition, the form to fill in for sending remittances has been provided. “
It also expected remittances to exceed £ 24 billion by the end of the current fiscal year.
In the last fiscal year 2019-20, remittances sent by expatriates residing in different countries have sent a total of 1,620.3 million dollars (18.20 billion). That figure was 10.6 percent more than the previous fiscal 2018-19 year.
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