Economic, political failures major drivers behind the surge
Bangladesh's economy heavily depends on garment exports and remittances for its foreign exchange reserves, with limited diversification in agricultural products. Despite being an agrarian society, it imports key agriculture-related products, straining reserves.
Alarming revelation about undocumented workers in Libya raises questions
Suspicious transaction and activity reporting shot up 65 percent year-on-year to 14,106, with 91 percent of the reports filed by scheduled banks, according to the annual report of BFIU
Migrant workers sent home $2.1 billion in January
The return and reintegration of migrants is an integral part of the migration cycle
Bangladesh has long relied on its diaspora's remittances, accounting for 4.76 percent of GDP in 2022-23 – the true potential lies in fostering deeper engagement
The remittance experienced a sharp decline—13.5 percent year-on-year—when it hit $4.91 billion in the July-September quarter of 2024, down from $5.67 billion in the same period previous year, according to the quarterly data of the central bank.
The inflow of remittance to Bangladesh increased 21 percent year-on-year to $1.93 billion in November as most banks are offering higher rates for the US dollar to boost foreign currency collection.
The central bank sits with top 10 foreign exchange houses
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.
Migrant workers sent home $1.98 billion in October
$1.34 billion came in September, lowest since April of 2020
Clearly, the major economic challenges facing Bangladesh are results of inadequate and incorrect policies.
Time to rethink our fixed exchange rate policy.
It came down to $1.59 billion from last year August's $2.03 billion
Remittance inflow to Bangladesh fell 5.86 percent year-on-year to $1.97 billion in July, central bank data showed today.
Government must build an effective mechanism to support its policy
Foreigners working in Bangladesh sent home $137 million in 2022, World Bank data showed although analysts believe the exact figure would be much higher since many people from other nations are employed in the country without valid permits.