Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
The slowing growth of exports and slump in remittances is not good news. It is rather concerning as the latest data of the two major indicators shows that the pressure on the economy is likely to increase unless there is any rebound in inflows in the coming months.
Midland Bank Ltd signed an agreement with NEC Money Transfer Ltd, a UK-based Global Money Transfer Company, enabling the former to disburse hard earned remittances of NRBs living in different parts of the world from its branches and agent banking centres through NEC Money.
The man eager to pay back his debt is becoming a rarity. Yet, he represents the hardworking, honest Bangladesh that can bring real change to the system.
The reserves stood at $29.91 billion today in contrast to $42.20 billion during the same period a year ago.
Exports and remittances, two major sources of foreign currencies for Bangladesh, plunged in April, a bad omen for the economy as it deals with multiple challenges, including a dollar crisis, an elevated level of import costs and falling reserves.