Bangladesh Sees 41-Month Low in Remittances Despite Rise in Overseas Employment1 min read
In September, Bangladesh reportedly saw its inward remittances plunge to a 41-month low, with a sum of $1.34 billion. This level of remittances was last observed in April 2020, when it stood at $1.09 billion, as per Bangladesh Bank (BB) data.
September 2022 witnessed remittances of $1.54 billion, marking a roughly 13% dip year-on-year.
In August, there was a nearly 19% decline in inward remittances from the preceding month, recording the smallest inflow over a half-year span. This trend is stirring worries regarding Bangladesh’s dwindling foreign currency reserves and fiscal standings.
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Bangladesh Bank data reveals that in August and July, the remittances were $1.6 billion and $1.97 billion respectively. A troubling 21.57% decrease in inward remittances is noted year-on-year for August.
Notably, although 1.74 million workers sought jobs overseas during the fiscal year 2022-23, indicating a 15.59% ascent from the prior fiscal year, the remittance inflow experienced a downturn.
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