Expatriate Bangladeshis sent $22.75 billion in remittance during the first 11 months of the current 2020-21 fiscal year

Finance Minister AHM Mustafa Kamal has proposed continuing the existing 2% incentive on remittance in the national budget for the 2021-22 fiscal year.

In his budget speech he gave at the parliament on Thursday afternoon, the finance minister said: “Considering the ground reality, I propose to continue the cash incentive at the rate of 2% in the next fiscal year as well.”

In addition, special “package programs” will be initiated by concerned banks to increase the flow of remittances through the banking channel.

Expatriate Bangladeshis sent $22.75 billion in remittance during the first 11 months of the current 2020-21 fiscal year and as of April this year, remittance inflow registered a 40.1% growth.

This growth in remittances has been possible mainly due to the continuation of cash incentives at the rate of 2% on expatriate income announced by the prime minister and the simplification of the process of channelling remittances, Kamal further said in his budget speech.

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