Bangladesh recorded a sharp rise in remittance inflows in May, as migrant workers sent more money home in the run-up to Eid-ul-Azha, which falls in early June.
The US House Budget Committee voted late on Sunday to move forward with President Donald Trump's "One Big Beautiful Bill Act", a proposal that could make sending money back home more expensive for three lakh Bangladeshis currently living in the United States.
Remittance inflow in the first ten months and eleven days of this fiscal year surpassed $25 billion, breaking all previous records.
Remittance inflow posted a 65% year-on-year jump
The inflow was 82.46 percent higher than the same period last year, according to industry insiders.
Remittance inflows surged by around 78 percent year-on-year in the first 19 days of March as migrant workers sent more money home to relatives ahead of Eid-ul-Fitr, the largest religious occasion in the country.
Bangladesh Bank cleared $1.05 billion ACU payment on March 6
However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion
The USA has 5 lakh Bangladeshi migrant workers and Saudi Arabia 20 lakh
Bangladeshis in the North American country sent home $966.89 million in the October-December period of 2022
Bangladesh's per capita income stood at $2,793 in fiscal 2021-22 -- $31 lower than the initial estimate as the steep depreciation of the taka messed up the government’s numbers.
The Bangladesh Bank will introduce another tool to provide liquidity support to the cash-strapped shariah-based banks in order to cushion their ailing financial health.
The International Monetary Fund (IMF) has disbursed $476.27 million to Bangladesh as the first instalments of $4.7 billion loan it approved early this week.
Bangladesh’s gross foreign exchange is likely to stand at $30 billion at the end of 2022-23 fiscal year, lowest in four years, according to the International Monetary Fund (IMF).
Bangladeshi conglomerates counted Tk 65,000 crore in losses in the last one year because of the fall of the local currency against the US dollar, which made loans costlier amid global economic volatility, a noted economist said today.
