Remittance fell 1.23 percent year-on-year to $1.99 billion in March although inflows usually go up on the occasion of Eid, Bangladesh Bank data showed. 

Industry insiders attribute the decline to the growing use of the hundi system since remitters get better rates of the US dollars if they transfer the funds through the illegal cross-border system instead of formal channels. 

March's receipts were also 7.71 percent lower than the previous month. In February, the remittance inflow stood at $2.16 billion.

More to follow.