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In a promising sign for Bangladesh's economy, expatriates sent $616.4 million in remittance during the first seven days of December, according to the latest report from the Bangladesh Bank released today (8 December).
On average, $88.1 million was received daily during this period.
The report revealed that remittance inflow in the first week of December surpassed that of November's first week, which recorded $508.9 million.
This indicates a marked rise in remittance inflow as December unfolds.
The data also revealed the contributions from various banking sectors. State-owned banks accounted for $185.2 million, while specialised banks contributed $45.8 million. Private banks made the largest contribution with $383.3 million, and branches of foreign banks added $2.03 million.
Trends in current fiscal year
Bangladesh's remittance inflow has shown fluctuating trends in the ongoing fiscal year. After peaking at $2.53 billion in June, remittance fell to $1.91 billion in July, marking the lowest monthly total in ten months.
However, with the interim government taking office and stabilising the situation, inflow started recovering. In August, remittance reached $2.22 billion, followed by $2.40 billion in September, the highest monthly total of the fiscal year.
October recorded a slightly lower total of $2.39 billion, while November brought in $2.19 billion.
The upward trajectory in December offers hope for further improvement, signalling a positive trend in the expatriate contribution to the nation's economy.
Courtesy: The Business Standard
