In 2020 remittance hit an all-time high of $21.74 billion

Remittance hit an all-time high of $21.74 billion in 2020 as migrant workers continued to send home a massive amount of money using formal channels.

In 2020 the inflow posted a magnificent growth of 18.59 percent compared to the previous year, data from the central bank showed.

Migrant workers remitted $2.05 billion in December, meaning that the inflow crossed the $2-billion mark for the fourth straight month.

The country's foreign exchange reserve has already surpassed $43 billion riding on the upward trend of remittance, a development that will help the government use the foreign exchange reserve on rainy days.