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 inflow of remittance has been shrinking since the last several months as the number of people, going abroad, is decreasing and money transfers through informal channels like hundi are increasing with the ease of pandemic restrictions.
The flow of remittance to Bangladesh shrank further in October as money transfers through informal channels such as hundi might have returned with the ease of pandemic restrictions. Expatriate Bangladeshis sent $1.65 billion in October, down 4.6 per cent from one month earlier and 21.7 per cent year-on-year, according to data from Bangladesh Bank.
Remittance fell to a 16-month low of $1.72 billion in September, as money transfers through informal channels such as “hundi” might have increased.
Remittance inflow has declined by 8 per cent year-on-year to $1.8 billion in August, lowest in six months due to money transfer through informal channels termed like hundi, increased, bankers said.
Finance Minister AHM Mustafa Kamal has criticised the Centre for Policy Dialogue’s recommendation to increase government monitoring on inbound remittances worth over $5,000.
Remittance hit the lowest in five months due to post Eid hangover and lesser working days in the banking sector than a usual month.
The country’s foreign exchange reserve has hit a new record of $46 billion due to the upward trend of remittance and lower import payments.
Bangladesh became one of the three large remittance-recipient countries that registered a rise in inward remittance last year, according to a new report of the Economist Intelligence Unit.
Bringing allegations of “gross misconduct” and “violating constitutional oath” against Chief Justice SK Sinha, a Supreme Court judge has written to the president for his impeachment.
The country received $1.387 billion remittance in July.
