In a recent report, the central bank has revealed that migrant workers sent a total of $1.98 billion back home to Bangladesh in October, marking the highest remittance inflow in the past four months. This figure also represents a significant increase of almost 30 percent when compared to the remittances received in the same month last year, which amounted to $1.53 billion.
Over the past year, a substantial number of Bangladeshi citizens, more than 11.35 lakh (1.135 million), sought employment opportunities abroad. This number nearly doubled the 6.17 lakh (617,000) migrant workers who left the country in the previous year. However, despite the surge in the number of migrant workers, remittances have not received the expected boost due to a higher exchange rate in the informal market. This has led many migrants to explore alternative avenues for sending money to their beneficiaries in Bangladesh.
The total remittance sent by migrant workers during the fiscal year 2022-23 amounted to $21.61 billion, a slight increase from the $21.03 billion received in the previous fiscal year, as reported by data from the Bangladesh Bank.
The remittance data sheds light on the significant contribution of overseas Bangladeshi workers to the country’s economy, as they continue to support their families and loved ones back home.
For more updates, stay connected with Markedium.