Evaluation of the Dynamics of Remittance in Bangladesh During the Pandemic: A Study on Commercial Bank of Ceylon PLC

Abstract

Remittance has been one of the most vital behind the economic development of Bangladesh. But due to the global pandemic, remittance flow all over the world was disrupted. In Bangladesh also, the dynamism of remittance was disturbed but later on with the advancement of time it began to regain its momentum during the global pandemic. The main purpose of this paper is to evaluate the changes in the dynamics of remittance in Bangladesh that have occurred during the pandemic period and to observe the differences with that of the pre-covid period. Moreover, the major sources and purposes of remittance inflow both during the pandemic and also the pre-pandemic period will be evaluated for the timeframe of 2010-2020. Along with this a forecast has been made regarding the future dynamism or portrait of remittance inflow for the year 2021 from the perspective of Commercial Bank of Ceylon. To be exact, the main objective of the paper is to evaluate the change in the trend of dynamism of remittance flow due to the pandemic in Bangladesh from the perspective of Commercial Bank of Ceylon PLC. The paper is quantitative and descriptive in nature. Microsoft Excel and SPSS 27 has been used for the analysis of data. Results show that for the selected time frame the bank experienced a good growth in the remittance flows. During the pandemic the growth of inward remittance has reduced a bit. USA and Freight Charges were the major source and purpose of remittance in Commercial Bank of Ceylon for the last decade. From forecasting it was seen that the bank will enjoy a upward trend in inward remittance in 2021. In order to achieve the forecasted values and for efficient operations some useful recommendations have been provided in this paper. In conclusion, it can be said that as the bank is having a good trend in the dynamics of remittance, the dynamism of remittance in Bangladesh has not been altered majorly rather it is performing satisfactorily.