Remittance declined further in October, intensifying the pressure on the government to manage its macroeconomy amid plummeting foreign exchange reserves.

Despite a surge in the outflow of migrant workers, remittances to Bangladesh declined 11 percent year-on-year to $1.54 billion in September, the lowest in seven months.

Remittances declined 11 per cent year-on-year to $1.54 billion in September, the lowest in seven months.

Remittances sent by expatriate Bangladeshis are one of the vital sources of foreign currencies for the country’s economy.

Bangladesh’s remittance earnings crossed the $2-billion mark for the second consecutive month in August.

Remittance flow to Bangladesh rose 11.76 per cent year-on-year to $2.09 billion in July, a development that would bring some relief for the country that is struggling to keep its foreign currency reserves in a healthy shape.

Prime Minister Sheikh Hasina today (July 31, 2022) said Bangladesh will not depend on remittance alone and will diversify products to expand the export basket for which new international markets have to be explored.

Bangladesh received US$ 1.64 billion inward remittance till July 21, due to  Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festival of Muslims, according to data from Bangladesh Bank.

Remittance inflow fell in 11 months of the current fiscal year mainly because a large number of migrants switched to informal channels like hundi from formal ones for sending money, say experts.

Bangladesh should ensure accreditation for local products to increase export earnings, reduce cost and time and implement the Sustainable Development Goals, speakers at a seminar said today.

Bangladesh Bank yesterday relaxed the rules related to a 2.5 per cent cash bonus offered as an incentive to remitters if they send money home through official channels.

Finance Minister AHM Mustafa Kamal today said there is nothing to worry about Bangladesh's foreign debt as the annual repayment amount is equivalent to only two months' remittance income of the country.

Bangladesh has retained its position as the recipient of the seventh highest amount of money transferred by migrant workers among 10 top recipient nations in 2021.

The government high-ups and the top commercial bankers today urged expatriate Bangladeshis to send their money through the legal channel instead of using hundi – an illegal cross-border money transfer network.

Annual per capita remittance from the male migrants has fallen by 11 percent in 2017 compared to that in 2014, says a new study.

The surge of remittance continues for three straight months into March after a two-year slump for what is being described as depreciation of the Taka against Dollar.

The government is planning to send 12 lakh migrant workers abroad this year, Minister for Expatriates' Welfare and Overseas Employment Nurul Islam says.

Afzal Hossain of Noakhali had gone to Saudi Arabia for job, spending Tk 6 lakh.

Bangladesh’s migrant workers toil in foreign lands for longer hours compared to peers from other countries, but they earn much less as they lack skills and face a language barrier, depriving themselves of a better future and the country of remittance.

Inbound remittance from expatriate workers in the Middle East in fiscal year 2014-15 stood slightly above US$9 billion reflecting a rise of 8 percent from the level of previous year.