Remittance hits four-month high

Migrant workers sent home $1.98 billion in October, the highest in four months, central bank figures showed today.

It was also up nearly 30 percent from the receipts in the same month last year when remittance brought $1.53 billion.

More than 11.35 lakh Bangladeshis left the country for jobs abroad last year, nearly double the 6.17 lakh migrant workers who flew to other countries the previous year.

However, the remittance has not received as much fillip as expected since a higher dollar rate in the informal market moved them away from the banking system when it comes to sending money to their beneficiaries in Bangladesh.  

Migrant workers sent $21.61 billion in 2022-23, which was $21.03 billion a year ago, Bangladesh Bank data showed.