In February, the country received remittances worth $2.26 billion, which was 24% higher than $1.82 billion in the same month of the previous year. Cumulatively, in the first eight months (July-February) of the current fiscal year, the remittances grew 24% to $18.74 billion compared to $15.10 billion in the same period of last year.
One major factor driving remittance growth in the country has been the pandemic-hit travel restrictions which have made the overseas residents send in more money back home due to reduced travel expenses. The stoppage of the illegal hawala-hundi system of sending remittances back to the country from abroad amid partial suspension of international flights during the ongoing Covid-19 pandemic is also a driving factor behind the skyrocketing remittances.
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