Bangladesh’s remittance expected to reach $23 billion in 2023: World Bank

The remittance flow to Bangladesh is expected to reach $23 billion in 2023, according to a report of the World Bank.

Currently, remittance is growing at 7 percent, said the Migration and Development Brief of the Global Knowledge Partnership on Migration and Development (KNOMAD), which is part of the Washington-based lender.

The flows are projected to remain at $23 billion in 2024, it said.

The report said the growth in formal remittances is projected to remain flat on account of the lingering impacts of the recent balance of payment crisis that triggered exchange controls and led to parallel market exchange rate premia.

Depreciation and exchange rate management policies have led migrants in countries such as Bangladesh to take advantage of the black-market premia and transfer funds through informal and formal channels.