Bangladesh - Remittance Inflows into Bangladesh during COVID-19

04 Nov 2022 Bangladesh Download

This snapshot report on remittance inflows to Bangladesh during COVID-19 is part of IOM's EU-funded project Displacement Tracking Matrix - Regional Evidence for Migration Analysis and Policy (DTM) and the Asia Pacific Regional Data Hub (RDH). The inflow of remittances is one of the main driving forces in Bangladesh’s economic growth and development (IOM, 2021b). Remittances support the economy by increasing foreign exchange reserves and national savings, and reducing poverty levels (Chowdhury and Chakraborty, 2021). As a result of the COVID-19 global crisis and the decrease in overseas Bangladeshi migrant workers, the inflow of remittances to the country was initially predicted to decline significantly in 2020 (ADB, 2020; World Bank, 2020a). However, contrary to all negative forecasts, recorded remittance inflows to Bangladesh remained resilient (IOM, 2021a; IOM, 2022).