Islami Bank Bangladesh Ltd (IBBL) retained its top spot as the biggest remittance collector as it brought home the highest amount of funds sent home by migrant workers in January-March of 2023, official figures showed.

Migrant workers sent home $1.68 billion in October

The amount is a seven-month high

Take concrete steps to address loopholes in the system

However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion

According to the Guidelines for Foreign Exchange Transactions 2018, a declaration is not required against inward remittances up to $10,000 or its equivalent.

The USA has 5 lakh Bangladeshi migrant workers and Saudi Arabia 20 lakh

Bangladeshis in the North American country sent home $966.89 million in the October-December period of 2022

“New rural” will be a critical player in the next chapter of Bangladesh’s transformation.

As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.

Remittance flow to Bangladesh rose to a five-month high in January as banks have given all-out efforts to mobilise dollars from abroad to tackle the stress in the foreign exchange market.

Unpredictability has become the new normal in a world afflicted by the forces of deglobalisation amidst rising geopolitical tensions.

Bangladesh received $1.7 billion in remittance in December, up 4.29 per cent year-on-year, central bank data showed today.

Outward remittances from Bangladesh through legal channels crossed the $100-million mark for the first time in 2021 as more foreigners are working in the fast-growing economy, data from a global organisation showed.

Bangladesh welcomed 2022 on a strong footing and was about to recover from the coronavirus pandemic in full swing and fire on all cylinders. In fact, economic activities were almost back to the pre-Covid level.  

Mobile financial service providers (MFSPs) have been allowed to bring in wage earners’ remittance to Bangladesh, said the central bank today.

The burden of imported inflation and supply-side implications of reduced imports will have adverse implications for economic growth and welfare, particularly of marginalised people.

Bangladesh should train migrant workers on digital literacy so that they send remittance home through legal channels and using electronic platforms instead of turning to hundi operators, speakers said today.

Banks in Bangladesh today decided to withdraw service charge on remittances sent home by expatriate Bangladeshis with a view to gearing up the inflow.

Do we know which were the top remittance receiving banks in Bangladesh for the month?