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.
