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?

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.