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.
Remittance inflow also broke single-month record in December
However, November’s inflow of $2.2 billion was 8.16% lower than the previous month
The “City Remit” mobile app has been launched to make it easier for expatriate Bangladeshis to send remittances through the legal route in Malaysia.
Despite a surge in the outflow of migrant workers, remittances to Bangladesh declined 11 percent year-on-year to $1.54 billion in September, the lowest in seven months.
The number of Bangladeshi workers who headed to the Middle East countries in search of jobs surged 177 per cent year-on-year in the first eight months of 2022, official figures showed.
Bangladesh’s remittance earnings crossed the $2-billion mark for the second consecutive month in August.
Remittance flow to Bangladesh rose 11.76 per cent year-on-year to $2.09 billion in July, a development that would bring some relief for the country that is struggling to keep its foreign currency reserves in a healthy shape.
Remittance inflow may rebound significantly in Bangladesh in 2022-23 fiscal year as increased number of people flew abroad for jobs, Bangladesh Bank (BB) Governor Fazle Kabir said today.
The local currency today depreciated further against the US dollar, hitting Tk 92 against each green back in the interbank platform.
Bangladesh Bank today relaxed the rules related to the 2.5 per cent incentive extended to remitters if they send money home through the official channel.
The government high-ups and the top commercial bankers today urged expatriate Bangladeshis to send their money through the legal channel instead of using hundi – an illegal cross-border money transfer network.
Remittance to Bangladesh rose to an eight-month high in March as migrant workers sent home a higher amount to help their families meet an increased expenditure during Ramadan, officials data showed.
