Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Food inflation in Bangladesh stayed above 12 percent for the second consecutive month in September as prices showed no signs of cooling down, hitting the pockets of the consumers who spend most of their incomes to feed their families.
Sustainable finance extended by banks rose nearly 40 percent year-on-year to Tk 35,387 crore in the first quarter of 2023 as lenders keep disbursing a higher volume of loans to eco-friendly businesses and industries, official figures showed.
Gross foreign exchange balances held by commercial banks in Bangladesh rose to a 19-month high of $5.53 billion in June, owing to lower imports and higher export and remittance earnings, central bank data showed.
Foreigners working in Bangladesh sent home $137 million in 2022, World Bank data showed although analysts believe the exact figure would be much higher since many people from other nations are employed in the country without valid permits.
At least half of all credits disbursed by banks and other financial institutions in Bangladesh should go to small and medium enterprises (SMEs) since a significant of them still don’t have access to the formal credit system despite recent improvements, said a noted economist.
Average inflation in Bangladesh surpassed the government’s target for the just-concluded fiscal year by a large margin as higher prices of goods and services continue to linger for the economic crisis at home and abroad.
When a year passes, those who had a good time look forward to continuing the momentum while those who had struggled to keep their head above water might breathe a sigh of relief.