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.
Remittances have become a much-anticipated relief for the economy reeling under macroeconomic stress, growing steadily since August last year and providing the interim government with a breather amid a rapid erosion of foreign exchange reserves.
Banks could not receive any remittance in the five days of countrywide internet blackout this month
In February, migrants sent home $2.16 billion, up 39% year-on-year
Fostering a conducive environment for expatriate contributions is vital
Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Migrant workers sent home $1.98 billion in October
Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad..The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels.
$1.34 billion came in September, lowest since April of 2020
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.
Remittances have become a much-anticipated relief for the economy reeling under macroeconomic stress, growing steadily since August last year and providing the interim government with a breather amid a rapid erosion of foreign exchange reserves.
Banks could not receive any remittance in the five days of countrywide internet blackout this month
In February, migrants sent home $2.16 billion, up 39% year-on-year
Fostering a conducive environment for expatriate contributions is vital
Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Migrant workers sent home $1.98 billion in October
Bangladesh Bank has asked banks to disburse remittances among beneficiaries within two days of receiving it from senders abroad..The central bank framed rules in 2014 stipulating that the disbursement must be made within two days to encourage remittance transfers through formal channels.
$1.34 billion came in September, lowest since April of 2020
Bangladesh Bank yesterday allowed licensed payment service providers (PSPs) to bring inward wage remittances with the aim to increase remittance inflow.
