Though remittance increased in January of the new year, it made a nosedive in February.

The remittance inflow in the country was 149.60 crore US dollars in February, which is less than that of nearly 21 crore US dollars. In January, the remittance was 170.43 crore US dollars, according to the update reports of the central bank.

Remittance flow decreased in six months out of eight months from July to last February of the current 2021-22 fiscal year and it increased in two months. The same scenario was seen during the same period of the previous fiscal year. At the end of that fiscal year, remittance inflow was higher than before.

Remittances in the first eight months of the 2021-22 fiscal year reached 187.14 crore US dollars in July, 181 crore in August, 172.67 crore in September, 164.68 crore in October, 155.37 crore in November, 162.90 crore in December, 170.44 crore in January and 149.60 crore US dollars in February.

In the previous year, the remittance inflow was 259.82 crore US dollars in July while 196.39 crore in August, 215.10 crore in September, 210.21 crore in October, 207.87 crore in November, 205 crore in December, 196.19 crore in January and 178.05 crore in February.

Bankers say the incentive on remittances sent legally by expatriates was 2 per cent earlier. In other words, if Tk 100 was sent, Tk 2 was given as incentive. At the beginning of this year, the incentive has been increased from 2 percent to 2.5 percent. This has encouraged expatriates to send money legally. As a result, remittances inflow increased. However, the income of the expatriates has decreased due to the rise of coronavirus infection, causing remittance flow slow last month. If the situation prevails normal, they think that the income of expatriates will increase in future.