Govt. increases remittance incentive to 2.5%

The government has decided to increase the incentive in remittance sent by expatriate Bangladeshis to 2.5%. The move comes as authorities want to encourage more migrant workers to send money through legal channels.

It has been made effective since 1 January 2022, reads a press release issued in this regard on Saturday.

Earlier in 2019, the government started giving an incentive of 2% on the remittance sent by Bangladeshi expatriates.

Due to which, remittance inflow through banking channels increased to $18.20 billion in the FY2019-20.

The figure was some 13% higher than that of the previous fiscal year.

Meanwhile, remittance collected in FY2020-21 was $24.80 billion – a rise of 36% from the amount collected during the 2019-20 fiscal year.

This increase in the government-born incentive program is a New Year's gift from Prime Minister Sheikh Hasina to the country's foreign workers, added the release.