In February, Bangladesh saw its highest remittance inflow in the past eight months, totaling $2.16 billion.
This development offers a much-needed respite for the country's dwindling foreign exchange reserves, according to industry insiders. February's remittances marked a significant increase of 38.46% compared to the same month last year, as per data from Bangladesh Bank.
According to bankers, due to a shortage of dollars, some banks buy dollars at higher rates than the officially declared rate. In January, remittances to Bangladesh surged 7.69% year-on-year to $2.10 billion, marking the highest monthly inflow in the past seven months.
According to data from the central bank, $1.98 billion arrived in December.
Additionally, $2.19 billion arrived in June last year, which is the highest for a single month.
In January this year, despite an increase in remittances, reserves fell to below $20 billion, standing at $19.94 billion.
In 2023, the amount of money sent home by Bangladeshis working abroad dropped by about $151 million in April compared to March due to a lower rate of the US dollar offered by banks, although remittance inflow usually increases in Ramadan ahead of Eid.
At present, the announced price for buying remittances is Tk109.50.
