Remittances drop 15% in FY22 | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Tuesday
July 22, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
TUESDAY, JULY 22, 2025
Remittances drop 15% in FY22

Economy

TBS Report 
03 July, 2022, 05:10 pm
Last modified: 04 July, 2022, 12:40 am

Related News

  • Building bridges: Unlocking the investment potential of Bangladesh’s diaspora
  • Current account deficit shrinks by $5.68b in 11 months of FY25
  • Bangladesh reserves above $24b even after making $2b ACU payment 
  • How expatriates powered the July uprising from afar
  • Remittance inflow hits record $30b in FY25

Remittances drop 15% in FY22

The outgoing fiscal saw a $3.74 billion decline

TBS Report 
03 July, 2022, 05:10 pm
Last modified: 04 July, 2022, 12:40 am

Remittance inflows declined 15% in the outgoing financial year compared to the fiscal 2020-21 when expatriates had sent home the highest amount in the country's history amid the Covid-19 pandemic.

In the fiscal 2021-22, expatriates sent $21.03 billion through official channels which was $24.77 billion in the previous fiscal year, according to data from the Bangladesh Bank.

In June, the final month of FY22, Bangladesh received remittances of $1.84 billion, down from $1.94 billion in the same month a year ago. As such, remittances declined by 5.33% year-on-year.

According to industry insiders, expatriates had sent more remittances keeping in mind their families amid the pandemic in the fiscal 2020-21. In addition, the hundi – an informal cross-border fund transfer system – was almost closed due to Covid, so more remittances came to the banking channel. Remittances dropped in the outgoing fiscal year as Covid eased.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

They also said the forex market was volatile in the fiscal 2021-22 when many expatriates sent money through informal channels as dollar price was higher in the open market. If the central bank adjusts the dollar price with formal channels, remittances through banks will increase further.

The fiscal 2021-22 saw a $2.82 billion increase in remittance inflows compared to $18.20 billion in the fiscal 2019-20 which experienced the beginning of the pandemic, according to the central bank data. 

Remittance – an important indicator of the economy - increased in December and January after five consecutive months of decline in the outgoing fiscal year. But it stumbled again in February while March saw remittance inflows of $1.85 billion.

Later in April, remittances were the highest at $2.01 billion in eleven months. In May, remittances reached $1.88 billion.

The flow of remittances has been a bit upward since last April thanks to two religious festivals of Muslims – Eid-ul-Fitr and Eid-ul-Azha.

Professor Mustafizur Rahman, Distinguished Fellow at the Centre for Policy Dialogue (CPD), told The Business Standard, "To increase remittances, the gap between the official rate and kerb market has to be reduced."

"Now about one lakh people are going abroad every month and we will get a good result in the current financial year," he added.

The monetary policy announced by the central bank for the fiscal year 2022-23 states that both export earnings and import expenditure in the outgoing fiscal year grew but the growth in export earnings was comparatively less.

Besides, remittances sent by expatriates were much less than in the previous financial year. Therefore, it has set a growth target of 15% in the current financial year as compared to the previous financial year. As such, the remittance target for the current financial year is $24 billion.

In the outgoing financial year, the inflow of remittances was low and the volume of imports increased at a high rate, forcing the central bank to sell more dollars to the market.

As of August 2021, the country's reserves stood at $48 billion. The reserves dropped to $41.86 billion as of June 29 this year, with about $7.62 billion sold in the last fiscal year.

Top News

remittance / Remittance inflow

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: CA Press Wing
    CA holds meeting with leaders of four major political parties after day-long protests for edu adviser's resignation
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Bangladesh win nail-biter to clinch series win 
    Bangladesh win nail-biter to clinch series win 

MOST VIEWED

  • Training aircraft crashes at the Diabari campus of Milestone College on 21 July 2025. Photo: Courtesy
    BAF jet crash at Milestone school: At least 20 including children, pilot dead; 171 hospitalised
  • Flight Lieutenant Md Towkir Islam. Photo: Collected
    Pilot tried to avoid disaster by steering crashing jet away from populated area: ISPR
  • An idle luxury: Built at a cost of Tk450 crore, this rest house near Parki Beach in Anwara upazila has stood unused for six months. Perched on the southern bank of the Karnaphuli, the facility now awaits a private lease as the Bridge Division seeks to put it to use. Photo: Md Minhaz Uddin
    Karnaphuli Tunnel’s service area holds tourism promises, but tall order ahead
  • Bangladesh declares one-day state mourning following plane crash on school campus
    Bangladesh declares one-day state mourning following plane crash on school campus
  • 91-day treasury bills rate falls 1.13 percentage points to 10.45% in a week
    91-day treasury bills rate falls 1.13 percentage points to 10.45% in a week
  • Air Force F-7 BJI training aircraft crashes at Milestone College in Uttara
    Air Force F-7 BJI training aircraft crashes at Milestone College in Uttara

Related News

  • Building bridges: Unlocking the investment potential of Bangladesh’s diaspora
  • Current account deficit shrinks by $5.68b in 11 months of FY25
  • Bangladesh reserves above $24b even after making $2b ACU payment 
  • How expatriates powered the July uprising from afar
  • Remittance inflow hits record $30b in FY25

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

7h | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

1h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

23h | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

Two advisors and press secretary were blocked at Milestone for 8 hours

Two advisors and press secretary were blocked at Milestone for 8 hours

6m | TBS Today
Chief advisor's meeting with 4 parties; what was discussed?

Chief advisor's meeting with 4 parties; what was discussed?

31m | TBS Today
What can be done to avoid a plane crash?

What can be done to avoid a plane crash?

1h | Podcast
Which other party participated in the meeting with the Chief Advisor?

Which other party participated in the meeting with the Chief Advisor?

1h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net