Remittance declines 7.17% from top countries in Q4 of 2020

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Remittance declines 7.17% from top countries in Q4 of 2020

Published : Thursday, 18 March, 2021 at 12:20 PM, Count : 1053

Remittance declines 7.17% from top countries in Q4 of 2020

Remittance earnings declined in such countries where expatriates were in more trouble and most lost their jobs

Remittance, a lifeline of the country’s economy, declined from the top countries in the fourth quarter of last year due to the global Covid-19 pandemic that negatively affected migration.

Bangladeshi expatriates sent $6.23 billion in remittances during the October-December quarter of last year, down 7.17 per cent from the previous quarter, according to a quarterly report of the central bank.

Remittance inflow from top countries, including Saudi Arabia -- the largest remittance source -- UAE, Oman, Bahrain, Qatar, Italy, and Singapore witnessed a decline in the fourth quarter.

Remittance earnings declined in such countries where expatriates were in more trouble and most lost their jobs, said Zahid Hussain, former lead economist at the World Bank Dhaka Office.

Most Bangladeshi migrants are working in Middle Eastern countries; expatriates in these countries have lost their jobs due to the fall in oil prices caused by the Covid-19 pandemic, he added.

From October to December last year, Bangladesh received $1,453.14 million as remittance from Saudi Arabia, down 9.97 per cent from the previous quarter.

In that quarter, the remittance inflow declined 17.27 per cent from UAE; 21.09 per cent from Oman; 10.19 per cent from Bahrain; 5.43 per cent from Qatar; 10.17 per cent from Italy; 17.77 per cent from Singapore; and 11.16 per cent from Malaysia, as per the BB report.

Bangladesh received a record $6.71 billion as remittance in July to September quarter of last year owing to the collapse of the informal channels like the hundi system -- an illicit cross-border transaction network -- thanks to the travel ban brought on by the pandemic, said central bank officials.

But the informal channels started to recover from September last year as most of the countries had withdrawn the travel bans, resulting in the downward trend of remittance in the fourth quarter of last year, said the BB officials seeking anonymity.

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