Bangladesh received $769.88mn remittance in 2 weeks of Oct

Bangladesh received USD USD 769.88 million in remittance in two weeks of October (2-13), Bangladesh Bank data revealed on Sunday.

Bangladeshi expatriates sent inward remittance of USD 1.54 billion in September – the lowest in last 7 months.

After a decline in September, remittances showed a slow pace in October as well. In first two weeks of October, Bangladeshi expatriates sent inward remittances of USD 769.88 million. It indicates that at the end of this month, remittance flow could be USD 1.6 billion.

Despite increasing the cash incentives to 2.5 percent, from 2 percent, in the current fiscal year (2022-23), inward flow of remittance saw a fall in September.

Bangladesh is receiving an average of USD 59.22 million in remittance per day through banking channels.

The fiscal year started with growth trend of inward remittance while the country received USD 2.09 billion remittance in July and USD 2.03 billion in August. But the trend fell in September with the fall of exchange rate of the dollar.

Financial sector insiders believe that expatriate workers prefers Hundi for inward remittance as the exchange rate of the US dollar is Tk 8 to 14 higher in the kerb market.