Bangladeshi expatriates sent US $2.25 billion inward remittance in May, which brings good news amid the foreign exchange crisis. Bangladesh Bank's (BB) latest remittance update revealed that expatriates sent $2.25 billion as remittance in May this year, an increase of 32.35 percent year-on-year. Remittance was $1.7 billion in the same month of last year. May 2024's receipts were also 10.29 percent higher than April this year. In March, $2.04 billion entered Bangladesh as remittance, central bank data showed. Migrant remittances now outpace foreign investments in developing countries: IOM report The sector insiders said the higher exchange rate of the dollar and ahead of Eid-Ul-Azha, the expatriates are sending additional remittance to their near and dear relatives. So the inward flow of remittance sees such a growth. According to the Bangladesh Bank (BB), the country received $10.56 billion from expatriates in five months from January to May this year. After different initiatives to encourage inward remittances flow by banks, Bangladesh saw a boost of remittances flows over $2 billion in these 5 months. Bangladesh received $2.11 billion in January, $2.16 billion in February, $1.97 billion in March, $2.04 billion in April, and $2.25 billion in May, which saw a shining in the economy during the foreign exchange crisis. Bangladesh secures $8.31 billion remittance in first 4 months of 2024 Economist Dr Ahsan H. Mansur told UNB that Bangladesh can earn more remittances in the legal channel by enhancing financial and non-financial benefits for the remitters in the legal channel. He said remitters are preferring Hundi as the exchange rate is higher Tk 5 to 7 per US dollar in the illegal format, so legal remittances are diverting in the illegal Hundi due to the difference in exchange rate. Mansur said the government could announce different benefits including health cards, insurance coverage, pension benefits, etc. 'Remittance Award' in the works as incentive for sending money home through legal channels  

There is a plan to introduce a "Remittance Award" for those who send maximum remittance through legal channels, State Minister for Expatriate Welfare Shofiqur Rahman Choudhury said on Friday. Speaking at a remittance fair organised by the Bangladesh High Commission in London, he said, "The money sent by expatriates to Bangladesh through legal channels will be protected and there is an opportunity to earn more profit from this money than other countries through saving and investing with government incentives." The state minister also urged British Bangladeshis to play a special role in building Smart Bangladesh by sending remittances through legal channels. Ambassador Imran urges expatriates to send remittances through legal channels He also said a proposal of increasing the incentive from 2.5% to 3% for sending remittances will be raised at the highest level of the government for consideration. The state minister said Prime Minister Sheikh Hasina was implementing various measures for the welfare of expatriates and increasing their facilities. Saida Muna Tasneem, the high commissioner of Bangladesh to the UK, said, "Father of the Nation Bangabandhu Sheikh Mujibur Rahman launched the Sonali Bank in the UK in 1974 and remittances from the UK began to be sent from Bangladesh through legal channels from the UK. "Following the ideals and principles of Bangabandhu, his daughter Prime Minister Sheikh Hasina has taken various steps with utmost importance to provide expatriates with special privileges in various fields, including a 2.5% incentive for sending remittances and CIP status." Bangladesh received $2.16 billion remittances in February, highest in fiscal President of Bangladesh Awami League, UK Sultan Mahmud Sharif and General Secretary Syed Sajidur Rahman Farooq spoke as special guests at the event. A total of 14 leading companies sending remittances from UK to Bangladesh participated in the fair and informed the visitors about the facilities and incentives for sending remittances through legal channels. Earlier, the state minister discussed various issues related to the interests and welfare of expatriates in an exchange meeting with British-Bangladeshi journalists.