DHAKA, June 11, 2020 (BSS) – Finance Minister AHM Mustafa Kamal today said the government will continue the 2 percent incentive on inward remittance in the fiscal for 2020-21.
“In the budget of the last fiscal year, Prime Minister Sheikh Hasina announced an incentive at the rate of 2 percent on money remitted by expatriate Bangladeshis. The objectives were- to mitigate the burden of increased expenses in sending foreign remittances and to encourage bringing in foreign remittance through legal channels,” he said while placing the proposed national budget for the fiscal 2020-21 in the parliament.
As a result, he said, inward remittances grew significantly during July-May of the FY 2019-20 as US$ 16.56 billion has been earned during the period, which is making a special contribution to the country’s economy.
“However, due to the outbreak of coronavirus in major destinations for Bangladeshi migrant workers and the drastic fall in global crude oil prices affecting the Middle East countries, growth in inward remittances will slow down at the end of this fiscal year. I therefore propose to continue this incentive in the next fiscal year too,” he added.