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.
Banks in Bangladesh today decided to withdraw service charge on remittances sent home by expatriate Bangladeshis with a view to gearing up the inflow.
Do we know which were the top remittance receiving banks in Bangladesh for the month?
Remittance declined further in October, intensifying the pressure on the government to manage its macroeconomy amid plummeting foreign exchange reserves.
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.
