Bangladesh’s inward remittances in September fell by a whopping 12.7 percent ($ 196 million) year-on-year, to USD $1.34 billion - the lowest in almost 3-and-a-half years.
The remittance flow in September decreased by $255.79 billion compared to August, Bangladesh Bank's (BB) latest remittance data reveals, reports UNB.
The expatriates sent close to $1.6 billion in remittances in August, itself the lowest in six months, since February when it was $1.56 billion. Yet the flow decreased even further to $1.34 billion in September, the lowest in the last 40 months.That dates back to when Bangladesh received $1.09 billion in remittances in April 2020. After that, the flow of inward remittance increased sharply even during the COVID-19 pandemic time.
Bangladeshi expatriates sent $2.19 billion in remittances in June this year and in July it was $1.97 billion.
The sector insiders said that when the exchange rates available in the Kerb or the open market become higher than in the banking channel, transactions in Hundi increase. And when demand for hundi increases, remittances decrease.
Bd-pratidin English/Lutful Hoque
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