Foreign remittance inflow in Bangladesh: A statistical analysis

Abstract

The major goal of this research is to assess Bangladesh's foreign remittance inflows. In recent years, remittance has risen to prominence as one of the most important economic variables, since it helps with the surplus balance of payments, foreign reserves, aggregate savings and money circulation. Bangladesh's foreign trade has begun to improve after overcoming the negative effects of the COVID-19 pandemic. In comparison to the previous fiscal year, total export earnings declined by 16.93% to US$ 33,674.09 million in FY2019–20. During the first half of fiscal year 2020–21, export earnings totalled US$ 35,180.81 million, up 13.64% over the same period of the previous fiscal year. Furthermore, remittance earnings are growing at a slower rate than emigration from Bangladesh, owing to a rising number of unskilled or semi-skilled labourers in overseas migration rather than professional. Remittances have a great impact on Bangladesh's economy. Keywords: Foreign remittance, money laundering, foreign exchange, foreign trade, migration, economy;