Remittance inflows to Bangladesh rose by 9 per cent year-on-year in August, reaching $2.42 billion, up from $2.22 billion in the same month last year, according to Bangladesh Bank data.
The growth is attributed to a narrowing gap between official and informal exchange rates, a crackdown on money laundering, and renewed patriotism among expatriates following the political shift last year.
However, the inflow in August was 2.22 per cent lower than July’s $2.47 billion. Compared to recent months, August’s growth was slower: 30 percent in July, 11 percent in June, 32 percent in May, and 34.6 per cent in April.
Areif Hossain Khan, executive director of the central bank, described the increase as reflecting sustainable growth, adding that higher remittance growth could be achieved by increasing manpower exports.
Between July and August, Bangladesh received $4.9 billion in remittances, marking an 18.4 per cent increase compared to $4.13 billion during the same period last year.
